Australis to raise $2.1m in placement

Perth-based barramundi producer Australis Aquaculture Ltd aims to raise $2.1 million through a placement to raise funds for a fish processing line and other upgrades at the company's United States operations.

The full text of a company announcement is pasted below

The Directors of Australis announce the placement of 5 million shares at 42.5 cents raising $2.125 million less costs, to institutional and private stockbroker clients. The placement was managed by State One Stockbroking Limited.

The monies raised are to be allocated to the development of an automated fish processing line at the Australis US Turners Falls operations, barramundi hatchery upgrades, continuing expansion feasibility studies and working capital.