Amala Foods PLC Issue of Equity (9063U)
December 08 2021 - 1:00AM
UK Regulatory
TIDMDISH
RNS Number : 9063U
Amala Foods PLC
08 December 2021
Amala Foods Plc
( " Amala " or the " Company")
Funding Update
Amala Foods Plc (LON: DISH), a food technology company, is
pleased to announce that it has raised GBP210,000 by way of Placing
70,000,000 shares at 0.3p with Align Research Ltd and a further
GBP100,000 of loan financing due in November 2022 which has a fixed
interest rate of 8% due on the maturity date.
The Company has a low cash-burn and the new funding will provide
sufficient runway through to the end of June 2022. The Company is
also pleased to announce that it has held discussions with its
Joint Venture Partner in the plant-based food business who have
expressed an interest in arranging further substantial funding for
scaling up operations beyond June 2022 from sophisticated Asian
investors.
The Company had previously announced the venture builder model
that would seek a public listing. The Company will own a
substantial stake in the venture builder and is currently in the
early stages of preparing for a public listing with a target
admission date in Spring 2022. The venture builder has a lead
investor and expects to achieve a non-brokered listing. This
venture builder is a tech business that originated from the BigDish
technology platform and is developing innovative technology that
has application in the Food and Beverage sector. The Company will
update the market in due course with further detail as the listing
process progresses.
Enquiries:
Jonathan Morley-Kirk, Non-Executive Chairman
jmk@bigdish.com
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