Perth-based seafood company Australis Aquaculture Ltd has raised $3.3 million through its oversubscribed share purchase plan, planning to use funds raised for its expansion plans into the North American and Asian markets.
The full text of a company announcement is pasted below
Australis Aquaculture (ASX: AAQ) is pleased to announce that its Share Purchase Plan (SPP) has closed oversubscribed. The company has raised $3.265 million from shareholders who have subscribed for 6,531,600 shares at 50 cents (appendix 3B attached). The SPP followed and was made on the same terms as an earlier placement to institutions that raised $8 million.
In commenting on the closure of the SPP, the Managing Director of Australis Aquaculture Limited, Josh Goldman, said "The Directors are heartened by the high level of support from shareholders and the confidence that has been
expressed in the company's strategies. We are delighted that the SPP, coupled with the recent placement to institutions, has not only introduced some new and influential investors to the company but has signalled that existing investors are excited about the future for Australis."
For the past three years, the company has embarked on an aggressive program to introduce barramundi to North American markets and to grow it at large commercial volumes.
Goldman added, "With the completion of the financing, we are now positioned to execute our growth plans and meet increasing demand in North American, European and Australian markets. Over the next twelve months, we will expand our supply of barramundi by establishing production and sourcing operations in Vietnam and realise full 1,000 tpa production at our expanded US Turners Falls facility.
