Very hungry fish, always need cap raising :
Aquaculture company Clean Seas Seafood is seeking to raise up to $14.2 million in fresh funds via an institutional placement and rights issue with Patersons Securities.
Clean Seas Seafood shares went into a trading halt on Tuesday morning as its broker pitched the story to potential investors.
The company was seeking to rase up to $14.2 million including a $6 million placement and one-for-10 rights issue to raise up to another $8.2 million.
The offer was priced at 6¢ a share which was a 22.3 per cent discount to the five day volume weighted average price.
Funds raised were to continue the company's turnaround strategy including growth in its Kingfish biomass business and invest in farming and processing facilities according to terms sent to potential investors.
Add to My Watchlist
What is My Watchlist?