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#Raw Materials

Kraig Biocraft Laboratories completes closeout of $8 Million financing, extinguishing all convertible debentures with Yorkville advisors

Kraig Biocraft Laboratories, Inc. (OTCQB: KBLB) ("Company" or "Kraig Labs"), the biotechnology company focused on the development and commercialization of spider silk, announces that it has completed the debt-to-equity conversion on $8 million of convertible debentures with Yorkville Advisors. This closeout comes several months ahead of schedule and positions the Company to enter 2023 without any convertible debt obligations to Yorkville Advisors.

The Company would like to thank Yorkville Advisors and Maxim Group for supporting its vision to transform the textile markets with large-scale production of cost-effective and eco-responsible spider silk.

Kraig Labs currently has more than $4.5 million of deployable liquid assets and will continue to use this capital to develop end-market products and strengthen the supply chain creating its revolutionary spider silk technologies.

“While this financing has been a critical element of our transition to commercialization, we are pleased to report that we have eliminated the burden of this debt and enter the holiday season in a solid financial position. We continue to judiciously deploy this capital to build out our spider silk production capacity. Our focus now is on increasing that production, including further strengthening our production infrastructure. An important part of that program is the planned rollout of new hybrids. Our target remains metric ton production,” said CEO Kim Thompson.


To view the most recent news from Kraig Labs and/or to sign up for Company alerts, please go to http://www.KraigLabs.com/news.


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#Recycling / Circular Economy

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#Recycling / Circular Economy

Responsible Textile Recovery Act of 2024 signed by Governor

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#Textiles & Apparel / Garment

Modtissimo promotes sustainability with 28 coordinates in the Green Circle

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#Europe

The EU and Egypt team up to mobilise private sector investments at Investment Conference and sign a Memorandum of Understanding underpinning €1 billion in macro-financial assistance for Egypt

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#Natural Fibers

38th International Cotton Conference Bremen: Let´s Talk about Cotton!

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#Natural Fibers

Human Rights Day: Cotton made in Africa reinforces its commitment to ensuring respect for human rights in cotton production

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#Research & Development

How innovations drive BASF’s success

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#Natural Fibers

38th International Cotton Conference Bremen launches registration and unveils key topics

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#Yarns

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#Yarns

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#Digital Printing

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#Sustainability

Storm Creek achieves bluesign® PRODUCT status

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