REG - Tekcapital plc - Conversion of outstanding loan amount in MicroSalt

TekcapitalAnnouncement

24/01/2023 15:30

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RNS Number : 7318N  Tekcapital plc  24 January 2023

 

 

This announcement contains inside information for the purposes of Article 7 of
the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law
by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is
disclosed in accordance with the Company's obligations under Article 17 of
MAR.

24 January 2023

Tekcapital Plc

("Tekcapital" or the "Group")

Portfolio Company Update: MicroSalt, Ltd. ("MicroSalt")

Tekcapital converts outstanding loan amount in MicroSalt Inc.

 

Tekcapital Plc (AIM: TEK), (OTCQB: TEKCF) the UK intellectual property
investment group focused on creating valuable products that can improve
people's lives, is pleased to announce that it has converted its outstanding
convertible loan note of c.US$1.35m in MicroSalt's U.S. operating subsidiary,
MicroSalt Inc. at a value of US$2.18 per share. This values MicroSalt at US$
20.0m.

Following this transaction, Tekcapital owns 97% of the share capital of
MicroSalt Ltd. and 6,034,683 shares (78%) of MicroSalt Inc., its U.S.
subsidiary.

About MicroSalt

MicroSalt, is the developer and manufacturer of a proprietary low-sodium salt
called MicroSalt®. We are passionate about improving peoples' lives with
better-for-you seasonings and snacks by taking the lead in the industry by
providing the best low-sodium salt solution, based on the mechanical
transformation of the salt particle itself. This solution is the only one that
delivers real salt flavour because it is salt. Our new patented technology
produces salt crystals that are approximately one hundred times smaller than
typical table salt, delivering a powerful saltiness as the micro-grains
dissolve in the mouth, with approximately 50% less sodium consumption.
Additionally, the ultra-small particle size enhances product adhesion, which
reduces waste and provides improved flavor consistency. MicroSalt® and
SaltMe® are registered trademarks of MicroSalt Inc.

To learn more about MicroSalt please visit https://www.microsaltinc.com/
(https://www.microsaltinc.com/)

To learn more about SaltMe! snacks please visit https://saltme.com/
(https://saltme.com/)

About Tekcapital plc

Tekcapital creates value from investing in new, university-developed
discoveries that can enhance people's lives and provides a range of technology
transfer services to help organisations evaluate and commercialise new
technologies. Tekcapital is quoted on the AIM market of the London Stock
Exchange (AIM: symbol TEK) and is headquartered in the UK. For more
information, please visit www.tekcapital.com (http://www.tekcapital.com/)  .

LEI: 213800GOJTOV19FIFZ85

 

For further information, please contact:

 Tekcapital Plc                                                   Via Flagstaff IR
 Clifford M. Gross, Ph.D.

 SP Angel Corporate Finance LLP (Nominated Adviser and Broker)    +44 (0) 20 3470 0470
 Richard Morrison / Charlie Bouverat (Corporate Finance)

 Rob Rees (Corporate Broking)

 Flagstaff Strategic and Investor Communications                  +44 (0)207 129 1474

 Tim Thompson/Andrea Seymour/Fergus Mellon

 

This press release is for informational purposes only. The information herein
does not constitute investment advice nor an offer to invest and may contain
statements related to our future business and financial performance and future
events or developments involving MicroSalt that may constitute forward-looking
statements. These statements may be identified by words such as "expect,"
"look forward to," "anticipate" "intend," "plan," "believe," "seek,"
"estimate," "will," "project" or words of similar meaning. We may also make
forward-looking statements in other reports, in presentations, in material
delivered to customers, stakeholders and in press releases. In addition, our
representatives may from time to time make oral forward-looking statements.
Such statements may be based on the current expectations and certain
assumptions of MicroSalt's and/or Tekcapital's management. Please note that
these are subject to a number of risks, uncertainties and factors, including,
but not limited to those described in various disclosures. Should one or more
of these risks or uncertainties materialize, or should underlying expectations
not occur or assumptions prove incorrect, actual results, performance or
achievements of MicroSalt or Tekcapital may vary materially from those
described explicitly or implicitly in the relevant forward-looking statement.
Neither MicroSalt nor Tekcapital intends, nor assumes any obligation, to
update or revise these forward-looking statements in light of developments
which differ from those anticipated.

 

 

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