BSF Enterprise PLC Update to Oversubscribed GBP2.9 million fundraise (0163W)
April 12 2023 - 9:35AM
UK Regulatory
TIDMBSFA
RNS Number : 0163W
BSF Enterprise PLC
12 April 2023
BSF Enterprise PLC
("BSF" or the "Company")
Update to Announcement dated 29 March 2023 - Oversubscribed
GBP2.9 million fundraise
As previously announced on 29 March 2023 (the "Fundraising
Announcement"), the Company 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").
By way of further update, the Company has entered into deeds of
variation with each of the subscribers in respect of the
Subscription Shares pursuant to which 264,739 of the Subscription
Shares ("Second Tranche Shares") will be allotted and issued
conditional on (i) the Company convening a general meeting and
obtaining approval from shareholders to disapply statutory
pre-emption rights ("Resolutions") and (ii) the publication of a
prospectus, as soon as reasonably practicable following Admission.
The Second Tranche Shares and the Fundraising Warrants (as defined
in the Fundraising Announcement) shall be allotted and issued
conditional on the passing of the Resolutions and the publication
of a prospectus.
The Company confirms that application will be made to the
Financial Conduct Authority and the London Stock Exchange for a
total of 16,985,261 Ordinary shares of GBP0.01 each (being the
aggregate of the Placing Shares, the Subscription Shares less the
Second Tranche Shares and 50,000 ordinary shares issued on 9
February 2023 following the exercise of warrants) (the "Shares") to
be admitted to the standard segment of the Official List and to
trading on the Main Market of the London Stock Exchange
("Admission"). The Shares rank pari passu with the existing
ordinary shares. Admission of the Shares is expected take place on
14 April 2023.
Total Voting Rights
The Fundraising Announcement had stated that the Company's
issued share capital following Admission will be 86,036,937 however
the correct number is 102,972,198.
The full amended paragraph is set out below.
Application will be made for admission of the Shares to trading
on the Main Market. It is expected that Admission will be on or
around 14 April 2023. 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 102,972198. 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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