The announcement was made by Michael Miller, Bell Aquaculture President & COO, who says this equity raise is the first step in scaling the yellow perch farm from a current annual production level of 208,000 pounds of fillets per year to 8.5 million pounds of fillets per year by 2015.
"Rarely do you see a young company with the focus, commitment and vision exhibited by Bell Aquaculture," Chris Bouck, SDR Ventures founder, says. "Through significant capital investment and partnerships with the leading minds in the industry, Bell Aquaculture has perfected the model for a profitable, large-scale indoor water-recirculating aquaculture farm. We look forward to securing the capital, and more importantly, linking Bell Aquaculture with a financial partner, or partners, that share the Company’s vision and commitment."
The additional equity capital will augment the nearly $50 million capital investment made to-date, including $25 million of Founder capital and $25 million of sale-leaseback financing for construction and capital improvements. The new capital will accelerate the Company’s production of yellow perch: a fish species with a strong regional demand and dwindling wild-caught supply. Bell Aquaculture’s clean technology offers a renewable food source that that will combat the recent and significant decline in commercially caught supply of yellow perch.
"Successful completion of our equity raise offers many benefits, including creation of potentially 197 new jobs at full buildout in the area and assurance of a continuously available supply of yellow perch. Our goal is to increase the popularity of this fish nationwide, and surpass the supply of commercially caught yellow perch," Miller explained.
Bell Aquaculture Launches $15 Million Equity Raise
US - Bell Aquaculture, owner and operator of the nations largest yellow perch (Perca flavescens) farm, has retained SDR Ventures, Inc., a Denver-based investment bank to raise $15 million of equity capital.
