Kraig Biocraft Laboratories Inc announced that the Company has entered into a new financing agreement with Calm Seas Capital.
The new credit facility supplements the existing agreement with Calm Seas Capital and provides for up to $1.5 million over a 24 month period.
"Calm Seas has been a solid funding source and their new expanded capital commitment strengthens Kraig's position, as we move forward," stated Kim Thompson, the Company's CEO and founder. "The new credit facility signifies an important step in executing our commercialization plan and the proceeds will enhance our capacity to pursue the ramp-up phase of our recombinant product."
The financing agreement with Calm Seas Capital was recently disclosed in an 8k filing and that filing, including details of the agreement, are available on the EDGAR system.
Kraig Biocraft Laboratories is a fully reporting biotechnology company that recently achieved a series of scientific breakthroughs with implications for the global textile industry.
Kraig Biocraft Laboratories Inc
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