TIDMBSFA
RNS Number : 5427U
BSF Enterprise PLC
29 March 2023
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS DEFINED IN
ARTICLE 7 OF THE MARKET ABUSE REGULATION EU NO. 596/2014, AS
RETAINED AND APPLICABLE IN THE UK PURSUANT TO THE EUROPEAN UNION
(WITHDRAWAL) ACT 2018 ("MAR"). UPON THE PUBLICATION OF THIS
ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN
THE PUBLIC DOMAIN.
29 March 2023
BSF Enterprise PLC
("BSF" or the "Company")
Oversubscribed GBP2.9 million fundraise
BSF Enterprise plc (LSE: BSFA), a company focused on unlocking
the next generation of biotech solutions, announces that it has
raised GBP2.9 million by way of an oversubscribed placing (the
"Placing") of 16,317,648 new ordinary shares in the capital of the
Company ("Placing Shares") at a price of 17p per share (the
"Placing Price") and additionally, the subscription of 882,352 new
ordinary shares ("Subscription Shares") by investors procured
directly by the Company ("Subscribers") also at the Placing Price
(the "Subscription").
Placees will be issued a warrant for every two Placing Shares
subscribed for as part of the Placing, exercisable at 34 pence per
Ordinary Share ("Exercise Price"). In total, 8,600,000 warrants
will be granted pursuant to the Placing, all exercisable at the
Exercise Price and expiring on the third anniversary of Admission.
In addition, Shard Capital has also been granted broker warrants
equal to 2 per cent of the total number of Placing Shares
subscribed for pursuant to the Placing, representing 326,352
warrants.
In addition, the Subscribers have also been granted a warrant
for every two Subscription Shares purchased exercisable at the
Exercise Price and which also expire on the third anniversary of
Admission (the Subscription and the Placing together referred to as
the "Fundraising" and the Placing Warrants and the Subscription
Warrants together referred to as the "Fundraising Warrants").
The Fundraising Warrants are granted conditional on (i) any
requirement for the Company to publish or procure the publication
of a prospectus pursuant to the Prospectus Regulation Rules
Sourcebook contained in the FCA Handbook as soon as reasonably
practicable following Admission, and (ii) the Company obtaining
approval from shareholders to disapply statutory pre-emption
rights.
Use of Placing Proceeds
BSF's wholly owned subsidiary, 3D Bio Tissues ("3DBT"), is
growing rapidly. With this in mind, the net proceeds of the Placing
will be used to provide working capital to support the organic
growth of the Company through:
-- Continued development of the Company's cultivated meat
fillets, aimed at demonstrating the effectiveness of its patented
City-Mix(TM) technology which has a number of advantages over
traditional media used in the production of cultivated meat.
-- The ongoing expansion of 3DBT's City-Mix(TM) production
capacity to support new business opportunities. 3DBT has engaged
with over 60 Cellular Agriculture companies of which 26 have
progressed to new business opportunities, representing a 43%
conversion rate. From these 26 business opportunities, 22 product
evaluations are already underway with a view to incorporating
City-Mix(TM) into cultured media formulations.
-- Serving new global target markets, including b iotech
companies, such as those working in gene therapy, stem cells and
regenerative medicine; and life sciences companies. An indirect
sales model is the preferred approach for the biotech and life
sciences markets, and 3DBT is currently engaging with appropriate
distributors in the UK, France, Canada, Australia, Switzerland,
Italy and the Netherlands.
-- Further development of 3DBT's lab-grown leather products.
-- The advancement of 3DBT's cornea proposition, finalising the
process for full thickness cornea production.
Che Connon, Managing Director of BSF Enterprise, said : "The
support we have achieved for our strategy is very pleasing. After
engaging in a significant number of new business opportunities in
2022, our portfolio company 3DBT continues to build momentum and
deliver on its strategy of developing City-Mix(TM) for a variety of
high growth markets. With a strong 2023 pipeline in place, these
funds will support further organic growth as we seek to grow the
business both through our Go To Market strategy and expansion into
new markets."
Admission and Total Voting Rights
Application will be made for admission of the Placing Shares and
the Subscription Shares to trading on the Main Market
("Admission"). It is expected that Admission will be on or around
14 April. The Placing Shares and the Subscription Shares will rank
pari passu in all respects with the Company's existing ordinary
shares. Following Admission, the total number of ordinary shares in
the Company in issue will be 86,036,937. This figure may be used by
shareholders as the denominator for the calculations by which they
will determine if they are required to notify their interest in, or
a change to their interest in the Company under the FCA's
Disclosure and Transparency Rules.
For further enquiries, please visit www.bsfenterprise.com or contact:
BSF Enterprise PLC Via SEC Newgate
below
Geoff Baker - Non-Executive Director
Che Connon - Executive Director
Shard Capital (Broker)
Damon Heath
I sabella Pierre 020 7186 9900
SEC Newgate (Financial Communications)
Bob Huxford 020 3757 6882
Elisabeth Cowell BSF@secnewgate.co.uk
George Esmond
ISIN of the Ordinary Shares is GB00BHNBDQ51
SEDOL Code is BHNBDQ5.
Notes to Editors
BSF Enterprise PLC (BSF) is focused on unlocking the next
generation of biotechnological solutions - using cell-based tissue
engineering to help generate cultured meat, lab-grown leather, as
well as human corneas, collagen growth and skin substitutes, as
part of a radical transformation to deliver sustainable solutions
across a variety of sectors.
It owns 100% of 3D Bio-Tissues (3DBT), a tissue engineering with
patent-protected IP that is already producing human corneas to help
restore vision to millions of people. Building on this success, it
aims to produce the UK's first high quality lab-grown meat from its
laboratory in Newcastle the next 12 months, transforming the
meat-production industry towards an ethical and sustainable
practice.
BSF aims to deliver growth to shareholders through the continued
commercialisation of 3DBT's IP, which has multiple applications, as
well as through M&A. It aims to acquire a suite of technologies
that underpins the development of tissue templating for corneas,
meat and leather, and license out the IP to manufacturers,
wholesalers and distributors to help manufacture the products at
scale.
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