REG - MicroSalt PLC - Exercise Warrants Options and Total Voting Rights

MicroSaltAnnouncement

11/06/2024 07:00

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RNS Number : 8834R  MicroSalt PLC  11 June 2024

11 June 2024

MicroSalt Plc

("MicroSalt" or the "Company")

 

Exercise of Warrants, Exercise of Options and Total Voting Rights

 

MicroSalt plc, a company commercialising a patented technology to produce
full-flavour, low-sodium salt for food manufacturers and consumers, announces
that 3,453,500 ordinary shares of £0.001625 each ("Ordinary Shares") have
been allotted to certain shareholders to satisfy the exercise of warrants and
options in the Company.

 

Exercise of Warrants

 

Further to the announcement dated 24 May 2024, the Company has exercised its
right under the warrant instrument dated 26 January 2024 to call outstanding
warrants over 7,313,976 Ordinary Shares ("Warrants"), pursuant to which,
3,153,500 Warrants have been exercised by warrant holders. The Warrants are
exercisable at a price of 47.3 pence per Ordinary Share. Further details of
the Warrants are contained in the Company's Admission Document, available on
the Company's website www.microsalt.co (http://www.microsalt.co) .

 

Exercise of Options

 

Options over a total of 300,000 Ordinary Shares have been exercised under the
Group's 2022 share option plan (the "Plan"). Pursuant to the terms of the
Plan, the exercise price of each Option is US$0.25.

 

 

Application has been made to the London Stock Exchange for the admission of
3,453,500 new Ordinary Shares. It is expected that admission will become
effective on or around 14 June 2024 ("Admission").

 

Total Voting Rights

 

Following Admission, the total number of ordinary shares and voting rights in
the Company will be  46,670,654. The Company does not hold any shares in
treasury.

 

The above figure may be used by shareholders in the Company 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 share capital
of the Company under the FCA's Disclosure and Transparency Rules.

 

For further information, please visit MicroSalt's website
(https://microsaltinc.com/home-uk/) or contact:

 

 MicroSalt plc                                            Via Flagstaff PR
 Rick Guiney, CEO

 Zeus (Nominated Adviser and Broker)                      +44 (0)20 3829 5000
 David Foreman / James Edis (Investment Banking)
 Dom King (Corporate Broking), Rupert Woolfenden (Sales)

 Flagstaff PR (Financial PR/IR)                           +44 (0)20 7129 1474
 Tim Thompson / Alison Allfrey / Anna Probert

 

 

Notes to Editors

 

MicroSalt® produces a patented full-flavour, low-sodium salt for food
manufacturers and consumers.

 

MicroSalt is a major potential disruptor in the food market, thanks to its
micron sized particles which deliver the same sense of saltiness to a wide
range of foods but with approximately 50% less sodium. Excess sodium
consumption is a significant contributor to cardiovascular disease and
MicroSalt's solution meets the rising demand for healthier alternatives to
traditional salt. The WHO has set a target for reducing global sodium intake
by 30% by 2025, which it estimates will save 7 million lives by 2030.

 

Each year, cardiovascular disease costs the UK £19 billion - if the average
salt intake was reduced by one gram per day, it has been estimated that 4,147
lives and £288 million would be saved each year in the UK. As a nation, the
UK consumes 183 million kilograms of salt each year, and 70 per cent. of the
typical person's sodium intake is hidden in processed foods.

 

Operational since 2018, MicroSalt uses a patent-protected technology which
helps create high barriers to entry within the reduced-sodium salt market. The
group has a US patent and 14 patent applications pending in other
jurisdictions globally.

 

The Directors believe that MicroSalt is well positioned to capture growth in
the low sodium market, which is expected to grow exponentially, and that there
is also scope to enter the larger salt market.

 

MicroSalt has a three-pronged marketing strategy, targeting large B2B food
manufacturers, the B2C market and e-commerce customers. MicroSalt's all
natural, low-sodium solution is well positioned to take advantage of the
fast-growing market for a healthier alternative to traditional salt.

 

 

ENDS

 

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