Candice Cooke, Australia
Reach Capital
Seafarms Group (ASX:SFG) announce plans to raise $109mil for Project Sea Dragon. It plans to become one of the world’s largest Black Tiger Prawn operations
Sustainable aquaculture company, Seafarms, has announced plans to raise capital for Stage 1a of Project Sea Dragon through a $90 mil placement and $15 mil share purchase plan.
Seafarms Group (SFG) is one of the largest aquaculture operators in Australia. The company’s ongoing strategic intent is to develop further aquaculture operations to produce the highest quality seafood.
Project Sea Dragon (PSD) is a proposed, large-scale, integrated, land-based prawn aquaculture project being developed in Northern Australia. The Project is designed to produce high-quality, year-round reliable prawn volumes for export markets.
Up to $90 million will be raised over a two-tranche placement to institutional and sophisticated investors. The placement, which will run at the same time, will allow eligible existing shareholders to participate in a share purchase plan to raise another $15 million.
