ANN ARBOR, Mich., April 14, 2022 (GLOBE NEWSWIRE) -- Kraig Biocraft Laboratories, Inc. KBLB ("Company" or "Kraig Labs"), the biotechnology company focused on the development and commercialization of spider silk, announces that it has received another $1.5 million from YAII PN, Ltd ("YAII") a fund managed by Yorkville Advisors Global, LP ("Yorkville"). The $1.5 million received this week is the second half of a $3 million fund agreement signed with YAII in January 2022. This $3 million and those from the previously announced transactions account for an $8 million total YAII investment into Kraig Labs over the past 16 months.
The Company is well underway, putting this impact capital to work, strengthening its production operations. Over the last nine months, the Company has deployed capital to build additional production capacity and bring key onsite quality control systems online. These renovations included building out custom-designed rearing rooms, purchasing and installing custom automated production equipment, and planting onsite mulberry to support year-round operations. This work also included the construction of a fully operational molecular biology laboratory that provides onsite and in-process quality control, mirroring the capabilities of the Company's U.S.-based R&D labs.
"This capital is allowing us to make strategic investments in critical processing, facilities, and equipment that have dramatically enhanced our production capabilities and capacity. Prodigy Textiles is now fully operational and beginning to fulfilling its mission of bringing eco-responsible and cost-effective spider silk to the global textile markets," said Company COO, Jon Rice.
Maxim Group LLC acted as the sole placement agent for this capital raise.
The Company thanks Maxim Group LLC and Yorkville for their continued trust and confidence in Kraig Labs and its disruptive innovation of the technical textile markets.
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About Kraig Biocraft Laboratories, Inc.
Kraig Biocraft Laboratories, Inc. (www.KraigLabs.com), a fully reporting biotechnology company, is a developer of genetically engineered spider silk based fiber technologies.
Cautionary Statement Regarding Forward Looking Information
Statements in this press release about the Company's future and expectations other than historical facts are "forward-looking statements." These statements are made on the basis of management's current views and assumptions. As a result, there can be no assurance that management's expectations will necessarily come to pass. These forward-looking statements generally can be identified by phrases such as "believes," "plans," "expects," "anticipates," "foresees," "estimated," "hopes," "if," "develops," "researching," "research," "pilot," "potential," "could" or other words or phrases of similar import. Forward looking statements include descriptions of the Company's business strategy, outlook, objectives, plans, intentions and goals. All such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those in forward-looking statements. This press release does not constitute an offer to sell or the solicitation of an offer to buy any security.
Ben Hansel, Hansel Capital, LLC
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