REG - MicroSalt PLC - Further Re Fundraising

MicroSaltAnnouncement

07/02/2025 07:00

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RNS Number : 3267W  MicroSalt PLC  07 February 2025

 

 

 

 

The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulations
(EU) No. 596/2014 as imported into the laws of England and Wales by virtue of
the European Union (Withdrawal) Act 2018 (as amended) and certain other
enacting measures ("UK MAR"). With the publication of this announcement via a
Regulatory Information Service ("RIS"), this inside information is now
considered to be in the public domain.

 

7 February 2025

MicroSalt Plc

("MicroSalt" or the "Company")

Further re: Fundraising

MicroSalt plc (AIM:SALT), a leading provider of full-flavour, natural salt
with approximately 50% less sodium, announces that due to an administrative
oversight a legitimate order in the fundraising announced on 3 February 2025
(the "Fundraising") was not processed. The Company, having spoken to the
investor who had previously completed the subscription forms, has, following
legal and regulatory advice, agreed that an additional subscription of
£100,100 should be accepted on the same terms as announced on the Fundraising
announced on 3 February 2025.

Accordingly, the Company has issued 143,000 new ordinary shares of £0.001625
each in the Company (the "Additional Subscription Shares") at a price of
£0.70. The subscriber is also being granted two warrants in respect of each
Additional Subscription Share that they are subscribing, which are on the same
terms as those described in the Fundraising announcement on 3 February 2025.

Admission and Total Voting Rights

Application has been made for the Additional Subscription Shares to be
admitted to trading on AIM, which is expected to become effective on or around
13 February 2025 ("Admission").

Following the issue of the 143,000 Additional Subscription Shares, which, on
Admission, will rank pari passu with the existing Ordinary Shares, the total
number of Ordinary Shares in issue with voting rights in the Company will be
51,963,276. There are no shares held in treasury.

The above figure of 51,963,276 Ordinary Shares may therefore be used by
shareholders as the denominator for the calculation by which they may
determine if they are required to notify their interest in, or change to their
interest in, the Company under the FCA's Disclosure Guidance and Transparency
Rules.

For more information, please visit MicroSalt's website, follow on Twitter
@MicroSaltPLC or contact:

 

 MicroSalt plc                                         Via Flagstaff PR
 Rick Guiney, CEO

 Zeus Capital Limited (Nominated Adviser and Broker)   +44 (0)20 3829 5000
 David Foreman / James Edis (Investment Banking)
 SP Angel Corporate Finance LLP (Agent)                +44 (0)20 3470 0470
 Richard Morrison / Charles Bouverat

 Flagstaff PR (Financial PR/IR)                        +44 (0)20 7129 1474
 Tim Thompson / Alison Allfrey / Anna Probert           microsalt@flagstaffcomms.com

 

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% of the typical
person's sodium intake is hidden in processed foods.

MicroSalt owns a patent-protected technology which we believe helps create
high barriers to entry within the reduced-sodium salt market. MicroSalt has
two main products: (1) MicroSalt - the traditional product primarily targeting
the B2B market as a low sodium alternative to traditional salt, used as an
ingredient in manufactured foods; and (2) MicroSalt Premium - an additional
product line, released in January 2025, with increased density allowing for
industry specific product application. The line targets the B2C market and
Quick Service Restaurant (e.g. Fast Food) markets.

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.

 

ENDS

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