Marine Produce seeks $4.5m to fund commercialisation

AUSTRALIA - West Perth-based aquaculture producer Marine Produce Australia has announced plans to raise $4.5 million through a share offer to existing stockholders at half the price of a $3 million capital raising undertaken earlier this year.

The new share issue, of 227 million shares at 2 cents each, is to be made to shareholders on a one for one basis.

Funds raised will be used to continue commercialisation of Marine Produce's salt water barramundi operations and for the construction of new pools for the company's prawn farm.

The deal is managed, and underwritten by, Argonaut Capital Ltd, with KPMG acting as auditors to the offer.

Source: waBusiness News