SFG is pleased to announce the company is undertaking a capital raising to commence construction for Stage 1a of its world class Project Sea Dragon at Legune station in the Northern Territory.
- Seafarms is seeking to raise A$90 million (with the right to accept oversubscriptions) by way of a placement to institutional and sophisticated investors through a two tranche placement at 5.5 cents per share (“cps”) with a free unlisted 3 for 5, three year option exercisable at 9.75 cps.
- Funds sought to immediately commence construction of Seafarms’ Project Sea Dragon (“PSD”) Stage 1a development program in northern Australia to drive towards first PSD prawn harvest by the third quarter of 2023.
- Eligible shareholders can participate in the capital raising via a share purchase plan (“SPP”) to raise an additional A$15 million (with the right to accept oversubscriptions) at 5.5 cps also with a free unlisted 3 for 5, three year option exercisable at 9.75 cps.
- The capital raising will be underpinned by largest shareholder and Seafarms Chairman, Mr Ian Trahar, who will invest $20 million into the capital raising and convert all loans approximating $15.2 million to equity on the same terms as the placement.
- An extraordinary general meeting will be held in late July to approve the placement, SPP, debt conversions and the issue of unlisted options.
For more information see SFG ASX Announcement No. 683.