BSF Enterprise PLC (LSE:BSFA, OTC:BSFAF) told investors that it has secured a £1 million convertible loan note from Indigo Capital LP, giving the tissue-engineered materials developer additional working capital as it advances commercial and product development work.
The interest-free facility has a 12-month term and carries a conversion price equal to 85% of the lowest five-day VWAP immediately before a conversion notice.
Any unconverted balance will convert at maturity, subject to customary restrictions, while BSF can redeem outstanding notes at 125% of nominal value.
Indigo will also receive warrants over 9.8 million ordinary shares, exercisable for two years at 3.57p, while Bowsprit Partners will receive 2.5 million broker warrants exercisable over three years at 2.375p.
Chairman Geoff Baker said the funding commitment provides “additional working capital and financial flexibility” as BSF develops commercial opportunities across its tissue-engineered product portfolio, which includes lab-grown leather, cultivated meat and corneal repair technologies.
