REG - BSF Enterprise PLC - Oversubscribed Fundraising of £500,000

BSF EnterpriseAnnouncement

04/12/2024 07:00

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RNS Number : 6934O  BSF Enterprise PLC  04 December 2024

London, 4 December 2024

 

BSF Enterprise PLC

 

Oversubscribed Fundraising of £500,000 to

Support Strategic Objectives and Achieve Key Milestones

 

BSF Enterprise PLC ("BSF" or the "Company"), a leading innovator in
tissue-engineered materials, is pleased to announce that it has conditionally
placed 20,000,000 new ordinary shares of 1p each in the Company ("Placing
Shares") raising £500,000 at 2.5p per share in a placing which was
oversubscribed ("Placing").  As part of the Placing the Company will also
issue one warrant for every ordinary share purchased in the Placing at an
exercise price of 5p per share.   The warrants are exercisable at any time
within 3 years of Admission, subject to the Company procuring sufficient
headroom for shares available under the Financial Conduct's Authority
Prospectus Regulation Rules. Notably, the Company's management has subscribed
for Placing Shares representing 15% of the funds raised.

 

Shard Capital is acting as sole placing agent to the Company.

 

This injection of capital together with the Company's existing cash reserves,
grants, and tax rebates, provides the Company with an operational cash runway
exceeding 12 months. The funds will support the execution of the Company's
strategic business and growth plans, which the directors believe will create
the opportunity for significant value inflection points in 2025.

 

Completion of the Placing is conditional on, inter alia, the Placing Shares
being admitted to listing on the Equity Shares (transition) category of the
Official List and to trading on the London Stock Exchange's main market for
listed securities ("Admission").

 

Applications will be made to the FCA and to the London Stock Exchange for
Admission in respect of all the Placing Shares proposed to be issued on
completion of the Placing.  It is expected that Admission will become
effective, and that dealings in the Placing Shares are expected to commence at
8.00 a.m. on or around 23(rd)  December 2024.

 

The rights attaching to the Placing Shares will rank pari passu with the
existing ordinary shares of the Company.

 

Strategic Use of Funds and Key Milestones

 

The funds raised will be strategically allocated across BSF's portfolio of
subsidiaries to drive progress in its core projects. Lab-Grown Leather Ltd
("LGL") will focus on advancing its current joint development programmes with
major luxury goods houses and expanding commercial engagements, driven by
increasing demand and interest from new prospective clients. Following initial
positive feedback from testing, LGL aims to establish the technology road map
necessary for scaling its innovative lab-grown materials, with an initial
focus on laying the groundwork for a pilot plant to be developed with
financial support from future strategic partners. This strategy forms the
foundation for advancing toward larger-scale manufacturing and ultimately
commercialising these relationships with lead customers.

 

3D Bio Tissues Ltd ("3DBT") will continue supporting its customers of
City-Mix™ media additive to support their needs to scale up in a
cost-effective manner within the cultivated meat industry. We will complete
the launch of CytoBoost™, a high-value media additive, targeting the
biopharma industry at multiple points in their downstream processes. The key
milestones will be securing expanded commercial partnerships and penetrating
and growing sales in newly identified markets.

 

Kerato Ltd will continue towards clinical trials for the LiQD Cornea device
during 2025, an innovative solution addressing global corneal shortages. The
milestones include completing veterinary trials, preparing for the veterinary
product launch in North America as well as preparing necessary regulatory
requirements and continuing to plan human clinical trials for 2026.

 

BSF Enterprise (Hong Kong) will strengthen partnerships to expand access to
Greater China's vast cultivated meat markets. This includes supporting capital
initiatives for production facilities in the region in collaboration with
strategic partners.

 

Positioning for Growth

 

This funding enhances BSF's ability to maintain operational momentum and meet
key objectives that align with its mission to deliver sustainable
biotechnological solutions. With its differentiated tissue engineering
platform, BSF is uniquely positioned to capitalize on growing market demand
for sustainable alternatives in leather, cultivated meat, and regenerative
medicine.

 

Che Connon, Managing Director of BSF Enterprise PLC, commented:

 

"We are pleased to complete this raise under difficult market conditions and
with the support of current shareholders, which reflects strong investor
confidence in BSF's vision and execution capabilities. This capital will
advance our ability to achieve critical milestones, including progressing
Lab-Grown Leather's technology road map to support scaling its manufacturing
process, advancing Kerato's innovative corneal technology, and launching
CytoBoost™ to address new markets. We believe these initiatives position BSF
for a transformational 2025, paving the way for sustained growth and value
creation."

 

 

This announcement contains inside information for the purposes of Article 7 of
Regulation 2014/596/EU which is part of domestic UK law pursuant to the Market
Abuse (Amendment) (EU Exit) regulations (SI 2019/310).

 

Contact Information For further information, please
visit: www.bsfenterprise.com (http://www.bsfenterprise.com/)

 

 

Forward-Looking Statements:

This announcement contains forward-looking statements reflecting BSF
Enterprise PLC's current expectations and projections about future events.
Actual results may differ materially from those projected due to various
factors beyond the Company's control.

 

For further enquiries, please visit www.bsfenterprise.com or contact:

  BSF Enterprise PLC

  Geoff Baker - Executive Director

  Che Connon - CEO & Director

  Shard Capital (Broker)
  Damon Heath                        0207 186 9000

  Isabella Pierre                    0207 186 9927

 

About BSF Enterprise PLC

BSF Enterprise PLC (BSF) develops and commercialises cutting-edge
tissue-engineered solutions, including lab-grown leather, cultivated meat, and
corneal repair technologies. By leveraging its proprietary scaffold-free
platform, BSF aims to deliver sustainable alternatives to traditional
materials and meet global demand for environmentally responsible innovations.

 

 

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