AquaBounty Fundraising of $6 Million Approved22 March 2013
US - AquaBounty Technologies has entered into a Subscription Agreement to issue 22,883,295 Common Shares, raising $6.0 million (approximately £3.9 million) before expenses.
The Subscription was passed at a General Meeting, which was held on 15 March 2013.
The Company will now proceed to complete the transaction to raise $6.0 million (£3.9 million) before expenses by means of a subscription of 22,883,295 new Common Shares by Intrexon Corporation and certain other existing shareholders of the Company.
Admission to AIM and commencement of trading of the Subscription Shares was scheduled to occur on 19 March 2013. Total shares outstanding upon admission will be 125,138,983, of which Intrexon will hold 67,346,258 shares or 53.8 per cent.
Richard Clothier, Chairman of AquaBounty, said: “The Board is delighted to receive the backing of its majority shareholder, Intrexon, which should ensure that the Company can continue to seek FDA approval and bring our AquAdvantage® Salmon through to commercialization. Despite the recent extension by the FDA of the period for public comment on our Environmental Assessment, we believe FDA approval will be forthcoming.
“We are also pleased to have signed this Exclusive Channel Collaboration Agreement, which will enable us to work with Intrexon’s considerable capability in synthetic biology to develop novel, value added products for the aquaculture sector.”
TheMeatSite News Desk