Seafarms Group Limited has just announced its partner Nippon Suisan Kaisha (Nissui) will invest a further A$2.998 million in the Company.
This update brings Nissui’s total investment in Seafarms to A$28 million.
Seafarms Group Limited is an Australian aquaculture company which operates, builds and invests in sustainable aquaculture production, producing high-quality seafood.
Seafarms recently completed a share placement of $20 million which triggered Nissui’s top-up rights in accordance to the Shareholder Rights Agreement. Because of this, Nissui can participate in new issues of securities to maintain and continue its interest in Seafarms.
Nissui will be issued 33,311,111 fully paid ordinary shares at $0.09 per Share, in Seafarms. The shares are expected to be issued in the second week of May 2019.
The funds raised from Nissui as well as the recent Share Placement supports Seafarms’ strategy of generating more product in Project Sea Dragon, its world-class project.
Chairman Ian Trahar has “Nissui’s international presence will be extremely beneficial in the development of PSD and the continued success of our Queensland operations.”