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.