TIDMANIC
RNS Number : 2239M
Agronomics Limited
20 January 2021
20(th) January 2021
Agronomics Limited
("Agronomics" or the "Company")
Investee Company Update: BlueNalu Secures $60 Million in
Convertible Note Financing
Agronomics, a leading listed investor in alternative proteins
with a focus on cellular agriculture and cultivated meat, is
pleased to announce that portfolio company BlueNalu has now closed
its US$ 60 million debt financing in the form of Convertible
Promissory Notes ("CPN") from new and existing investors, in which
Agronomics' investment announced on 19 November 2020 forms a
part.
Agronomics currently holds 192,005 shares of BlueNalu, comprised
of 43,357 Seed Preferred Shares and 148,648 Series A Preferred
Shares, with a book value, excluding the CPN investment, of
GBP2,744,613. Agronomics' CPN, and all other CPNs raised in this
round, will convert at a Qualified Financing, being an equity
fundraise of US$ 50 million or greater. Assuming a Qualified
Financing occurs at a price equal to the agreed valuation cap of
the CPN, Agronomics will have an approximate equity interest of
5.85% of issued shares following conversion and would value
Agronomics' position at approximately GBP13.4 million. However, for
the time-being, the CPN doesn't qualify as a valuation event for
Agronomics to revalue its investment in its own books.
The full announcement is set out below with no material changes
or adjustments:
BlueNalu Secures $60 Million in Convertible Note Financing
Financing will enable completion of world's first commercial
pilot facility for producing
cell-based seafood, and support plans for market launch in late
2021
January 19, 2021 - San Diego, Calif. BlueNalu, a leading
innovative food company producing a variety of seafood products
directly from fish cells, today announced the closing of $60
million in debt financing from new and existing investors. This
marks the largest financing to date in the cell-based seafood
industry worldwide. Previously, BlueNalu announced completion of
its Series A round of $20 million in early 2020, and its Series
Seed round of $4.5 million in early 2018.
The financing is intended to enable BlueNalu to achieve several
significant milestones over the coming year, including opening a
nearly 40,000 square foot pilot production facility, completing FDA
regulatory review for its first products, and initiating
marketplace testing in a variety of foodservice establishments
throughout the United States.
"The team at BlueNalu is driven to produce cell-based seafood
products that are healthy for consumers, humane for animals,
sustainable for our planet, and provide increased food security to
each nation in which we go to market," stated Lou Cooperhouse,
BlueNalu's President and CEO. "This recent financing will allow us
to continue advancing our mission and the next phase of our
commercialization plans, while we continue to develop strategic
partnerships that we expect will provide us with global market
reach during the coming years."
BlueNalu plans to introduce a wide variety of cell-based seafood
products from its pilot production facility in San Diego. The
company anticipates starting with the launch of mahi mahi later
this year, followed by the launch of a premium bluefin tuna
thereafter.
"The global market for seafood is highly vulnerable today and is
valued at an estimated $200 billion. With strong investor support,
our innovative and visionary management team demonstrates a clear
value proposition, technology, IP, and a comprehensive regulatory
strategy, all of which provide a solid foundation as we move closer
to our inmarket launch," said Amir Feder, BlueNalu CFO.
BlueNalu is currently establishing joint venture partnerships
within key markets where it will operate. These partnerships are
expected to enable them to navigate regulatory pathways, lower the
cost of goods, introduce new species and new product forms, and
inform their global market strategy. Previously, BlueNalu announced
five global strategic investment partners: Nutreco, based in the
Netherlands; Pulmuone, based in South Korea; Sumitomo, based in
Japan; and Griffith Foods and Rich Products Corporation, based in
the U.S.
Rage Capital led the $60 million convertible note financing, and
other significant participants include Agronomics, Lewis &
Clark AgriFood, McWin, and Siddhi Capital. Strategic investors in
this financing include Radicle Growth, by way of the Radicle
Protein Challenge by Syngenta; Rich Products Corporation; and Thai
Union. A partial list of other investors includes: AiiM Partners,
Clear Current Capital, CPT Capital, Flat World Partners, KBW
Ventures, Losa Group, OurCrowd, Silicon Valley Community
Foundation, and Stray Dog Ventures.
BlueNalu currently has a three-member Board of Directors - Lou
Cooperhouse, Chris Kerr of Unovis/New Crop Capital, and Chuck Laue
of Stray Dog Capital - and previously had six Observers to its
Board. As part of this financing, BlueNalu added four new Observers
to its Board of Directors: Steven Finn of Siddhi Capital, Jim
Mellon of Agronomics, Larry Page of Lewis & Clark AgriFood, and
Alex Ruimy of Rage Capital.
For more information about BlueNalu, photos and quotes from
selected BlueNalu investors and Board members please visit
www.bluenalu.com/press-room .
About BlueNalu
BlueNalu's mission is to develop great tasting, healthy, safe,
and trusted cell-based seafood products that support the
sustainability and diversity of our ocean. BlueNalu is aligned with
the United Nations' Sustainable Development Goals, a blueprint to
achieve a better and more sustainable future for our planet.
BlueNalu began its operations in 2018 and is based in San Diego,
California.
Forward Looking Statements
This press release contains forward-looking statements
including, but not limited to, statements related to the market
size, market demand and necessity of BlueNalu's products, the
development and commercialization of BlueNalu's products, the
launching of BlueNalu's products publicly, the type and
characteristics of products that BlueNalu will produce, and
BlueNalu's ability to build out its facilities, receive regulatory
approvals and build partnerships. These forward-looking statements
are based on BlueNalu's current expectations and inherently involve
significant risks and uncertainties. Actual results and the timing
of events could differ materially from those anticipated in such
forward-looking statements as a result of these risks and
uncertainties, which include, without limitation, risks that
BlueNalu's actual future financial and operating results may differ
from its expectations or goals, BlueNalu's ability to commercialize
and successfully launch its products, risks relating to BlueNalu's
ability to successfully implement its business strategies,
competition, including potential generic competition, the ability
to protect intellectual property and defend patents, regulatory
obligations and oversight, including any changes in the legal and
regulatory environment in which BlueNalu operates among others.
BlueNalu undertakes no duty or obligation to update any
forward-looking statements contained in this press release as a
result of new information.
Media Contact:
Hilary Martin, for BlueNalu
Hmartin@TalkShopAgency.com
303-907-4411
Greg Murphy, BlueNalu
Director Corporate Development
& Strategic Partnerships
GMurphy@BlueNalu.com
###
About Agronomics
Agronomics is a leading listed investor in alternative proteins
with a focus on cellular agriculture and cultivated meat. The
Company has established a portfolio of 15 companies at the Seed to
Series B stage in this rapidly advancing sector. It seeks to secure
a 5-10% initial ownership in technologies with defensible
intellectual property that offer new ways of producing food and
materials with a focus on products historically derived from
animals. These technologies are driving a major disruption in
agriculture, offering solutions to improve sustainability, as well
as addressing human health, animal welfare and environmental
damage. This disruption will decouple supply chains from the
environment and animals, as well as being fundamental to feeding
the world's expanding population. A full list of Agronomics'
portfolio companies is available at https://agronomics.im/ .
About the Cultivated Meat Sector
Funding in the cultivated meat sector is growing rapidly with c
US$ 170 million invested globally between 2016-2019 and over US$
270 million already raised in 2020 alone. Additional financings are
anticipated as the capital requirements of these companies grows to
build out and scale up manufacturing facilities. Currently it is
estimated that there are 60 companies globally within the sector.
AT Kearney, a global consultancy, has predicted that Cultivated
Meat's market share of meat consumption will be 35% by 2040.
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 Beaumont Cenkos Peterhouse Capital TB Cardew
Limited Cornish Limited Securities Plc Limited
The Company Nomad Joint Broker Joint Broker Public Relations
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Richard Reed Roland Cornish Giles Balleny Lucy Williams Ed Orlebar
Denham Eke James Biddle Nick Searle Charles Goodfellow Joe McGregor
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+44 (0) 20 7930 0777
+44 (0) 7738 724 630
+44 (0) 1624 639396 agronomics@tbcardew.co
info@agronomics.im +44 (0) 207 628 3396 +44 (0) 207 397 8900 +44 (0) 207 469 0936 m
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