Aquaculture for all

Clean Seas Tuna Ltd Raise $13 Million

Breeding & genetics Economics +2 more

AUSTRALIA - Clean Seas Tuna Ltd has raised $13 million via a placement of ordinary shares.

According to Proactive Investors, the 23.775 million shares were placed to sophisticated and institutional investors in Australia and overseas at a price of $0.55 per share.

The company said, “Today’s equity raising allows us to step forward with confidence towards our goal of successfully producing commercial quantities of aquaculture bred Southern Bluefin Tuna (SBT).

Having achieved the world’s first aquaculture production of SBT fingerlings, Clean Seas' primary business objective is to commercialise the closure of the SBT lifecycle for the benefit of all shareholders. The company will transfer its next run of SBT fingerlings to sea cages for growout on or about 31 December 2009.

Clean Seas remains strongly committed to the Kingfish business, reports Proactive Investors. Clean Seas believes the Kingfish business will trade positively in 2HFY2009 and anticipates a breakeven EBITDA result for this division for the full year ending 30 June 2009.

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