In order to raise funds for the expansion of its kingfish production, Clean Seas is offering share holders who already hold five shares the chance to buy a further three shares at a price of 1.2 cents per share.
The company hopes to sell off 300,658,898 shares in order to raise A$3,607,907.
The funds raised will be applied principally to developing the commercial grow out and sale of Yellowtail Kingfish. The Company’s Bluefin Tuna programme has been put on hold with broodstock and IP retained with a view to being leveraged when Clean Seas regains sufficient financial strength.
CEO Craig Foster commented: “Since joining Clean Seas last year I have recognised the potential to turn Clean Seas into a profitable commercial producer of quality Kingfish. The Company has done a great job of positioning its Yellowtail Kingfish at the top end of the sushi and table fish markets, and there is strong demand for the Company’s products. I am excited about our plans to build our Kingfish production and transform the Company into a profitable operation generating value for shareholders.
"The funds from the Rights issue will help us to increase Kingfish production. Once we are on a profitable footing, the longer term potential from a progressive and careful return to our Tuna propagation program offers very exciting upside for shareholders.”
