Seafarms Group complete $20 million placement

Company News

by Katrina Bullock

Sustainable agri-food company, Seafarms Group (ASX:SFG) has raised $20 million in a placement.

It plans to carry out a share purchase plan to raise an additional $4 million and a debt to equity conversion of $3 million.

The funds will be used to finance Seafarms Group's Project Sea Dragon.

Sea Dragon is an industrial scale aquaculture project at Legune Station in the Northern Territory.

This follows eight years of development and approximately $100 million of investment in the project which has now obtained the material regulatory approvals required for the initial stages of development.

Seafarms Group (ASX:SFG) is trading 9.52 per cent lower at 10 cents.

Katrina Bullock

Finance News Network
Katrina joined FNN in 2018. She holds a Bachelor of Laws (Honours first class), a Bachelor of Business (Distinction) and is currently undertaking a PhD in Law focused on stock exchange disclosures and corporate governance. She previously worked as a corporate lawyer in an Australian top tier commercial law firm and is currently the General Counsel for Greenpeace Australia Pacific.