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