Clean Seas capital raising oversubscribed by almost double

Clean Seas has announced that a Share Purchase Plan (SPP) to raise capital for increased kingfish production has been oversubscribed by almost double.

Clean Seas, Australia’s only commercial producer of kingfish, is delighted with the response to the SPP, which received applications from shareholders for $14,637,000 worth of new shares – almost double the maximum on offer under the terms of the SPP of $7,696,868.

As a result of the heavy oversubscription, new share applications from Clean Seas shareholders will be scaled back on a pro-rata basis by approximately 47.5%. The issue price for shares under the SPP is 3.2 cents per share.

Clean Seas CEO, Dr Craig Foster, says the company is thrilled with the SPP result and thanked shareholders for their exceptional support.

“This is an exceptional outcome for Clean Seas,” said Mr Foster.

“The funds raised will underpin our focus on increasing kingfish production and will help us achieve our short-term goal to boost annual kingfish production from 500 tonnes to 1,500 tonnes by 2015.

“This outstanding support from shareholders also provides fantastic encouragement for us to meet our five-year production target of 3,000 tonnes of kingfish annually.”

The SPP result follows an encouraging profit update issued by Clean Seas this month and an earlier announcement that current development rates for the company’s new season kingfish are among the best it has ever produced.

Clean Seas is Australia’s only commercial producer of kingfish and is a recognised leader in the country’s emerging aquaculture industry. Globally renowned for its aquaculture produced Hiramasa Yellowtail Kingfish, Clean Seas supplies the popular species to growing international markets as a premium sashimi and white table fish in high-end restaurants.

Located in a world-class clean and green environment along the Spencer Gulf on South Australia’s pristine Eyre Peninsula, Clean Seas has land-based and marine sites at Port Lincoln and sites in the Spencer Gulf where it has successfully pioneered the propagation, husbandry, harvesting and marketing of Hiramasa Yellowtail Kingfish.

FURTHER INFORMATION:
Dr Craig Foster on 08 8621 2900 or 0427 115 313

ISSUED BY HUGHES PUBLIC RELATIONS:
Kieran Hall on 0422 147 151 or kieran@hughespr.com.au