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AquaBounty issues shares to finance US and Canadian hatchery plans

5 April 2019, at 9:40a.m.

AquaBounty is looking to raise $5.75 million through a share offering in order to help fund production at its facilities in Indiana and Prince Edward Island.

The company was granted permission by Environment and Climate Change Canada (ECCC) to grow its genetically-modified AquaAdvantage salmon at its Rollo Bay RAS, on Prince Edward Island, earlier this week – though this was subject to “physical, biological and operational measures in place or planned at the facility”.

AquaBounty has ambitious plans to expand production
AquaBounty has ambitious plans to expand production

In order to make the necessary changes and finance the stocking of the facility the company issued 2,554,590 shares at $2.25 per share.

“The company currently expects to use the net proceeds of this offering to fully fund working capital costs associated with growing its first batches of fish at our Indiana and Rollo Bay farm sites and other general corporate purposes,” they said in a statement today.

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