REG - BSF Enterprise PLC - Update to Oversubscribed £2.9 million fundraise

BSF EnterpriseAnnouncement

12/04/2023 15:45

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RNS Number : 0163W  BSF Enterprise PLC  12 April 2023

BSF Enterprise PLC

("BSF" or the "Company")

 

Update to Announcement dated 29 March 2023 - Oversubscribed £2.9 million
fundraise

 

As previously announced on 29 March 2023 (the "Fundraising Announcement"), the
Company has raised £2.9 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 £0.01 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
(http://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                              020 7186 9900

 Isabella Pierre

 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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