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Australis Raises $3.3m In Share Purchase Plan

AUSTRALIA - Barramundi specialist Australis Aquaculture Ltd has raised $3.3 million through its oversubscribed share purchase plan. It plans to use the funds raised to expand into the North American and Asian markets.

The Perth-based seafood company raised $3.265 million from shareholders who 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.

Commenting on the closure of the SPP, Australis Aquaculture Managing Director Josh Goldman, said that the Directors are heartened by the high level of support from shareholders and the confidence 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," he said.

The company has embarked on an aggressive program to introduce barramundi to North American markets and to grow it at large commercial volumes during the past three years.

Goldman said that with the completion of the financing, the company was well positioned to execute 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," he added.