Biome Technologies updates on re-financing

Biome Technologies plc (LON:BIOM), a leading bioplastics and radio frequency technology business, has announced a proposed re-financing which they believe is critical to the ongoing viability of Biome. The re-financing has a number of components as set out below:

·      a subscription for 19,000,000 new ordinary shares of 5 pence each in the capital of the Company to raise a total of £950,000 (before expenses);

·      a conversion of £1,278,660.96 of the Qualifying Amount pursuant to the Convertible Loan Notes (each as defined below) into 25,573,218 new Ordinary Shares;

·      the exchange of the balance of the Qualifying Amount under the Convertible Loan Notes held by Mr Martin Rushton-Turner, being £62,750.00, into a new, non-convertible, loan pursuant to the Loan Agreement;

·      a retail offer conducted by REX on the Company’s behalf to raise up to £80,000 (before expenses) by the placing of up to 1,600,000 new Ordinary Shares with retail investors; and

·      the New Ordinary Shares will be issued at a price of 5 pence per New Ordinary Share.

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