Clean Seas is in a stronger position as a result of shareholder’s support with A$5.5 million of cash currently on hand.
The funds from the rights issue will be applied to rebuild Kingfish production from the current level of ~500 tonnes per annum.
Over the next 12 to 18 months Clean Seas will increase production towards their target of 1,100?1,500 tonnes per annum production in FY2015, at which point they expect the Company to be profitable.
In addition to improved growth rates, the Company expects to improve the cost of roduction following resolution of a long term yellowtail fingerling production issue which will lead to consistently higher survival rates.
Recent improvements in hatchery and production performance include:
- Hatchery modifications will allow the new year class of Kingfish fingerlings to be introduced into the sea pens in October 2013 for their final grow out. The fingerlings will have a higher starting weight and will be the equivalent of one month in a larger. This will bring forward our harvesting of the new crop by two months.
- Improved hatchery performance to lower cost of production in the hatchery.
- Continued production from genetically selected Kingfish stock to further improve growth rates, health and genetic diversity.
- A total of ~500,000 fingerlings will be introduced to the pens commencing October to provide for increased production of Sashimi grade Kingfish.
