The company intends to use the net proceeds to expand its production facilities in Texas and Iowa and has paid the balance of a $5.0 million note for its Iowa facilities that was negotiated to $4.5 million.
The 12 percent interest loan from Streeterville, is payable in cash or shares of the company’s common stock.
“We are pleased to partner with Streeterville on this transaction to provide us additional flexibility and capital as we continue to scale our natural live shrimp production," said Gerald Easterling, CEO of NaturalShrimp, in a press release. “With our first commercial deliveries in November, we are positioning the company for expansion as we enter the new year and intend to use proceeds to add production capacity at our facilities. We also used a portion of the proceeds to pay off the balance of a previous $5.0 million note, negotiating to save $0.5 million. This purchase agreement is also being made in conjunction with our efforts to up-list shares to a major exchange in 2022, and I look forward to sharing additional announcements in the coming months.”
