MicroSalt PLC Exercise Warrants Options and Total Voting Rights

RNS Number : 8834R

MicroSalt PLC

11 June 2024

 

11 June 2024

MicroSalt Plc

("MicroSalt" or the "Company")

 

Exercise of Warrants, Exercise of Options and Total Voting Rights

 

MicroSalt plc, a company commercialising a patented technology to produce full-flavour, low-sodium salt for food manufacturers and consumers, announces that 3,453,500 ordinary shares of £0.001625 each ("Ordinary Shares") have been allotted to certain shareholders to satisfy the exercise of warrants and options in the Company.

 

Exercise of Warrants

 

Further to the announcement dated 24 May 2024, the Company has exercised its right under the warrant instrument dated 26 January 2024 to call outstanding warrants over 7,313,976 Ordinary Shares ("Warrants"), pursuant to which, 3,153,500 Warrants have been exercised by warrant holders. The Warrants are exercisable at a price of 47.3 pence per Ordinary Share. Further details of the Warrants are contained in the Company's Admission Document, available on the Company's website www.microsalt.co.

 

Exercise of Options

 

Options over a total of 300,000 Ordinary Shares have been exercised under the Group's 2022 share option plan (the "Plan"). Pursuant to the terms of the Plan, the exercise price of each Option is US$0.25.

 

 

Application has been made to the London Stock Exchange for the admission of 3,453,500 new Ordinary Shares. It is expected that admission will become effective on or around 14 June 2024 ("Admission").

 

Total Voting Rights

 

Following Admission, the total number of ordinary shares and voting rights in the Company will be  46,670,654. The Company does not hold any shares in treasury.

 

The above figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the FCA's Disclosure and Transparency Rules.

 

For further information, please visit MicroSalt's website or contact:

 

MicroSalt plc	Via Flagstaff PR
Rick Guiney, CEO
Zeus (Nominated Adviser and Broker)	[phone]
David Foreman / James Edis (Investment Banking)
Dom King (Corporate Broking), Rupert Woolfenden (Sales)
Flagstaff PR (Financial PR/IR)	[phone]
Tim Thompson / Alison Allfrey / Anna Probert

 

 

Notes to Editors

 

MicroSalt® produces a patented full-flavour, low-sodium salt for food manufacturers and consumers.

 

MicroSalt is a major potential disruptor in the food market, thanks to its micron sized particles which deliver the same sense of saltiness to a wide range of foods but with approximately 50% less sodium. Excess sodium consumption is a significant contributor to cardiovascular disease and MicroSalt's solution meets the rising demand for healthier alternatives to traditional salt. The WHO has set a target for reducing global sodium intake by 30% by 2025, which it estimates will save 7 million lives by 2030.

 

Each year, cardiovascular disease costs the UK £19 billion - if the average salt intake was reduced by one gram per day, it has been estimated that 4,147 lives and £288 million would be saved each year in the UK. As a nation, the UK consumes 183 million kilograms of salt each year, and 70 per cent. of the typical person's sodium intake is hidden in processed foods.

 

Operational since 2018, MicroSalt uses a patent-protected technology which helps create high barriers to entry within the reduced-sodium salt market. The group has a US patent and 14 patent applications pending in other jurisdictions globally.

 

The Directors believe that MicroSalt is well positioned to capture growth in the low sodium market, which is expected to grow exponentially, and that there is also scope to enter the larger salt market.

 

MicroSalt has a three-pronged marketing strategy, targeting large B2B food manufacturers, the B2C market and e-commerce customers. MicroSalt's all natural, low-sodium solution is well positioned to take advantage of the fast-growing market for a healthier alternative to traditional salt.

 

 

ENDS

 

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