REG - Agronomics Limited - Further Investment in Liberation Labs Seed Round

AgronomicsAnnouncement

05/12/2022 07:00

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RNS Number : 5069I  Agronomics Limited  05 December 2022

5 December 2022

Agronomics Limited (https://agronomics.im/)

 

("Agronomics" or the "Company")

 

Further Investment in Liberation Labs US$ 20 million Seed Round

 

Further its announcement of 20 October 2022, Agronomics (ANIC:LSE), the
leading listed company focused on the field of cellular agriculture,  has
invested an additional US$ 3.5 million in the US$ 20 million Seed round of
Liberation Labs Holdings Inc ("Liberation Labs"), the precision fermentation
contract manufacturer. In aggregate, Agronomics has invested US$ 7 million
into this Seed round (the "Subscription"), split over two tranches, with the
prior investment of US$ 3.5 million made in October 2022
(https://polaris.brighterir.com/public/agronomics/news/rns/story/x5gvm2w) and
this second investment being called by Liberation Labs as detailed in the
announcement of 20 October. Joining this latest close is Thia Ventures
(https://thiaventures.com/) , a prominent early-stage investor focusing on
biotechnology, nutrition, and health.

In June 2022, Agronomics invested US$ 627,000 in Liberation Labs' initial
round of financing. Subject to audit, Agronomics' original investment,
inclusive of the Subscription, will be carried at US$ 22.4 million, including
an unrealised gain of US$ 14.8 million. The Company will hold a total of
4,700,000 ordinary shares and 2,134,147 Seed Preferred shares with an equity
stake of 37.4% on a fully diluted basis. The aggregate investment will account
for approximately 11.3% of Agronomics' 30 September 2022 Net Asset Value (as
adjusted for the uplift on the Liberation Labs position).

Liberation Labs will use the proceeds from the Seed round to finalise its
site selection, complete pre-construction engineering, order long-lead time
equipment, and continue to build out its team. The company further expects to
begin the process of contracting fermentation capacity for its first facility,
with an eye towards having that volume fully committed ahead of a planned 2024
operational launch. A 3D rendering of the sophisticated 600,000L launch
facility, designed to address the acute shortage in precision fermentation
capacity, can be seen here
(https://liberationlabsltd.com/precision-fermentation/) .

 

Jim Mellon, and executive director of Agronomics commented:-

"This further investment will support Liberation Labs in delivering precision
fermentation and becoming a global leader in the alternative protein
production space. It is hugely exciting for us to be involved with a leading
precision fermentation company that was formed to address the ever-widening
gap in fermentation capacity. Liberation Labs is developing state of the art
purpose-built fermentation infrastructure which will replace the existing
fermentation capacity being used today which was built for other purposes and
does not fit the need of most precision fermentation proteins. We look forward
to following Liberation Labs' progress in the years ahead, as they approach
their operational launch in 2024."

 

About Liberation Labs (https://liberationlabsltd.com/)

Liberation Labs is commercialising precision fermentation with a global
network of purpose built, international manufacturing facilities that enable
the next wave of biotechnology advancements to produce alternative protein at
scale.

Our cutting-edge process combining modern technology and design brings
reliable, first-for-purpose approach, and cost-effective solutions that meet
consumer demand across the world.

Founded by industry pioneers with a combined 50 years of
experience, Liberation Labs is powering a new, innovative way forward that
sets the standard for the precision food fermentation industry and has a
lasting impact on achieving collective sustainability goals.

 

About Agronomics (https://agronomics.im/)

Agronomics is a leading listed alternative proteins company with a focus on
cellular agriculture and cultivated meat. The Company has established a
portfolio of 24 companies at the Pre-Seed to Series C stage in this rapidly
advancing sector. It seeks to secure minority stakes in companies owning
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/
(https://clicktime.symantec.com/368cVqxx3R6vTFuHpf6MSE66Gi?u=https%3A%2F%2Fagronomics.im%2F)
.

 

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For further information please contact:

 Agronomics                                       Beaumont              Canaccord                        Cenkos                Peterhouse Capital

 Limited                                          Cornish Limited       Genuity Limited                  Securities Plc        Limited               TB Cardew
 The Company                                      Nomad                 Joint Broker                     Joint Broker          Joint Broker          Public Relations
 Richard Reed                                     Roland Cornish        Andrew Potts                     Giles Balleny         Lucy Williams

 Denham Eke                                       James Biddle          Harry Rees                       Max Gould             Charles Goodfellow    Ed Orlebar

                                                                        Alex Aylen (Head of Equities)    Michael Johnson                             Alistair Walker
 +44 (0) 1624 639396                              +44 (0) 207 628 3396                                   +44 (0) 207 397 8900  +44 (0) 207 469 0936  +44 (0) 20 7930 0777

 info@agronomics.im (mailto:info@agronomics.im)                         +44 (0) 207 523 8000                                                         +44 (0) 7738 724 630

                                                                                                                                                     agronomics@tbcardew.com (mailto:agronomics@tbcardew.com)

 

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