BSF Enterprise PLC on Wednesday issued an update to its £2.9 million oversubscribed placing.

BSF Enterprise is a London-based investor in biotechnology.

At the end of March, BSF said it had raised £2.9 million by way of an oversubscribed placing of 16.3 million shares at 17 pence per share.

By way of further update, on Wednesday, the company said it has entered into deeds of variation with each of the subscribers in respect of the subscription shares. As part of this, 264,739 subscription shares will be allotted.

Admission of the shares is expected take place on Friday.

Following admission of the shares, the company’s share capital will amount to 103.0 million shares.

In March, BSF Enterprise said it will use the fresh cash to fund subsidiary 3D Bio Tissues, which is working to develop cultivated meat fillets using its City-Mix technology.

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