Agronomics Limited Subscription of US$2,999,996 in Tropic Biosciences (2067I)
March 31 2020 - 4:56AM
UK Regulatory
TIDMANIC
RNS Number : 2067I
Agronomics Limited
31 March 2020
31(st) March 2020
Agronomics Limited
("Agronomics" or the "Company")
Subscription of US$ 2,999,996 in Tropic Biosciences UK
Limited
The Board of Agronomics is pleased to announce it has completed
a subscription of US$ 2,999,996 for 254,237 Series B Preferred
Shares ("Subscription") in Tropic Biosciences UK Limited
("Tropic"). This Subscription will give Agronomics' an equity
interest of 2.95% on a fully diluted, post new money basis. The
Subscription will be paid using cash from the Company's own
resources.
Since this Subscription is considered a Substantial Transaction
under AIM Rule 12, this announcement requires certain disclosures
under Schedule Four. Tropic Biosciences is an early stage company
with costs of approximately GBP407,833 per month and total assets
as at 31 December 2019 of approximately GBP3,900,523 including cash
and near cash of GBP3,791,380 and no material liabilities.
About Tropic
Tropic is a leading biotechnology company based in Norwich, UK,
which is utilising powerful gene-editing techniques including
CRISPR-Cas9 and Tropic's own proprietary GEiGS(TM) platform in
developing high-performing commercial varieties of tropical crops.
This new generation of gene-editing techniques has dramatically
increased the speed of generating new crop strains at a
significantly reduced cost.
About Agronomics
Agronomics is an AIM-listed investment company focused on the
nascent field of cellular agriculture, precision fermentation and
synthetic biology, with an emphasis on improving the efficiency and
sustainability of current supply chains, with a focus on
eliminating the requirement of animals to meet our resources
absolute.
Agronomics believes that we are on the cusp of the most
significant disruption in our global food system, which will be
fundamental to feeding the world's growing population as it
approaches 10 billion people by 2050. The transformation of the
food production system through utilisation of synthetic biology is
a viable solution to improve the health and wealth of the planet
and the global population, by reducing energy, water and land
requirements.
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 ('MAR'). Upon the
publication of this announcement via a Regulatory Information
Service ('RIS'), this inside information is now considered to be in
the public domain.
For further information, please contact:
Agronomics Limited Beaumont Cornish Limited Zeus Capital Limited Peterhouse Capital Limited
The Company Nomad Joint Broker Joint Broker
Richard Reed Roland Cornish Rupert Woolfenden Lucy Williams
Denham Eke James Biddle Emma Ayton Charles Goodfellow
+44 (0) 1624 639396 +44 (0) 207 628 3396 +44 (0) 20 3829 5000 +44 (0) 207 469 0936
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END
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