REG - Amala Foods PLC - Issue of Equity

Amala FoodsAnnouncement

08/12/2021 07:00

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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 £210,000 by way of Placing 70,000,000 shares at 0.3p with
Align Research Ltd and a further £100,000 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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