Port Erin Biopharma Investments Ltd Investment in Blue Nalu, Inc. (9426X)
August 16 2018 - 2:00AM
UK Regulatory
TIDMPEBI
RNS Number : 9426X
Port Erin Biopharma Investments Ltd
16 August 2018
16 August 2018
Port Erin Biopharma Investments Limited
("PEBI")
Investment in Blue Nalu, Inc. ("BlueNalu")
The Board of PEBI is pleased to announce it has today completed
a subscription of US$ 250,000 for 43,357 issued shares in Blue
Nalu, Inc, a company based in San Diego, California, USA (the
"Subscription"). The Subscription, which is expected to give PEBI
an interest of approximately 2.0% (on a diluted basis) in BlueNalu,
will be paid by cash from PEBI's own resources and is part of a
fully subscribed Seed Funding round to raise US$ 4.5 million. The
level of investment allows PEBI to qualify as a "Major Investor",
providing additional information rights unavailable to smaller
investors.
BlueNalu is a relatively early stage company, focussed on
manufacturing 'clean' seafood by growing cells of certain species
of seafood in bioreactors which will ultimately be for human
consumption. BlueNalu intend to partner with leading industry
markets, in both food service and retail channels, allowing a
speedy and cost-effective route to customers for a broad line of
distinctive and differentiated seafood products.
As the Subscription is considered a Substantial Transaction
under AIM rules, this announcement requires certain disclosures
under Rule Four. BlueNalu is an early stage, pre-revenue company
with costs of approximately US$ 160,000 per month and net assets as
at 7 August 2018 of approximately US$ 3,200,000.
Commenting on the investment Jim Mellon, PEBI's Chairman, noted:
-
"I am extremely pleased that PEBI has been able to secure a
holding in BlueNalu. The nascent technology is exciting as it
intends to provide an alternative food source that is both
sustainable and ecologically friendly, helping address global
public health and animal welfare concerns. I am impressed by the
calibre of the management and the range of potential partnerships
for the product".
For further information, please contact:
Port Erin Biopharma Beaumont Cornish Limited Optiva Securities
Investments Limited Limited
The Company Nomad Broker
Denham Eke Roland Cornish/James Biddle Jeremy King/Ed McDermott
+44 (0) 1624 639396 +44 (0) 207 628 3396 +44 (0) 203 137 1904
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END
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