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Seafarms secures $90 million funding

The Fish Site
by The Fish Site
25 June 2021, at 11:44am

Seafarms Group has successfully raised $92.5 million – to help it build the largest shrimp farming operation in Australia.

Tiger prawn grow-out ponds at Seafarms’ existing operations in Queensland
Tiger prawn grow-out ponds at Seafarms’ existing operations in Queensland

© Seafarms Group

Seafarms aims to produce over 150,000 tonnes of tiger prawn (Penaeus monodon) a year at sites in the Northern Territory and Western Australia. The latest funding will enable the company to immediately commence construction of Seafarms’ Project Sea Dragon Stage 1a in northern Australia.

This includes the development of approximately 400 hectares of production and nursery ponds at Legune Station, plus the upstream and downstream facilities at Legune and other sites, which would allow for the production of approximately 6,000 tonnes of tiger prawns each year.

The capital raising was underpinned by largest shareholder and Seafarms chairman, Ian Trahar, who subscribed for A$20 million under the placement and agreed to convert all loans approximating A$15.2 million to equity on the same terms as the placement.

“We are delighted to have successfully completed this raising and for the significant support shown for the development of Project Sea Dragon. The raising was well supported by existing shareholders, stakeholders in the project and new investors. We’ll now work with our construction partner Canstruct to commence the initial work packages for this world class aquaculture project,” said Trahar, in an ASX announcement.