Agronomics laid out plans to raise up to £4.5m through the issuance of shares at 5p a share.

The fundraise would be conditional on the approval of resolutions to be put to shareholders at a general meeting to increase the general authority of the Company to both issue new shares and to disapply pre-emption rights in relation to the issue.

The general meeting was provisionally scheduled to be held on 1 July 2019, although this date could be subject to change, the company said.

'It is expected that Jim Mellon, a Non-Executive Director, will participate in the Fundraise to the extent necessary to maintain his existing shareholding in the Company of 29.0%,' the company added.

The proceeds of the fundraise will be used to facilitate the investment into opportunities within the alternative food sector as described in the recently approved New Investing Policy of the company, Agronomics said.

At 9:59am: (LON:ANIC) share price was +1.25p at 6.75p