Closed Containment Aquaculture Feasibility Study

Under the terms of the MOU, the parties agree to investigate the feasibility of developing a closed containment fish rearing operation within the territory of the SRFN, near Cutler, Ontario, on the North Shore of Lake Huron. The MOU paves the way for a comprehensive technical, social and economic assessment using AgriMarine's proprietary closed containment aquaculture technology for the rearing of trout in SRFN territory, using environmentally sustainable practices.

Commenting on this agreement, Richard Buchanan, CEO of AgriMarine Holdings said, "The partnership with the SRFN is significant to AgriMarine as it is an integral part of our expansion strategy into Eastern Canada and produces seafood near urban communities. We are pleased to move forward with this project to further demonstrate that our unique technology can be applied in various aquatic environments with a minimal environmental footprint, while providing sustainable economic development to the region." AgriMarine has successfully deployed the technology in Northern China, which has very similar year-round climatic conditions as the SRFN territory.

Chief Isadore Day, Wiindawtegowinini, Serpent River First Nation, said, "This project has been in the works for quite some time in Serpent River. It is this partnership and the technology that AgriMarine is bringing forward that is providing us the assurance we need to take this venture one step further. Our project must establish and maintain the highest environmental standards possible and secondarily, this project must meet the economic needs of our community. So far we are showing signs that this project will establish those two high watermarks - that's what we are looking for in a project. At further glance, we are also keen on the ability to contribute to the global demand for food security and access to agricultural marine products."

Gintas Kamaitis, Aquaculture Consultant to SRFN and AgriMarine, said, "We believe that the North Channel of Lake Huron represents an ideal site to deploy AgriMarine's technology. Both parties are optimistic of the successful outcome of this feasibility study and are deeply committed to protecting the environment."

Kerri Commanda, SRFN Community member said, "Our connection to the land is vitally important. This relationship has the potential to bring some exciting opportunities to our community and surrounding area." Upon the successful completion of the feasibility study, both parties will undertake an Environmental Assessment and apply for all required licenses and permits for both tenure and operations.