Cell Aquaculture raises $1m for working capital

Hamilton Hill-based barramundi producer Cell Aquaculture Ltd has completed a share purchase plan, raising over $1 million to be used for working capital, the company has announced.

The full text of a company announcement is pasted below

Global fish farming company Cell Aquaculture Limited (ASX: CAQ) has completed a fund raising of $1,094,350 for working capital. The fund raising was supported by existing shareholders and other investors who subscribed to a total of 7,295,666 shares at 15 cents each, subject to a twelve month escrow period.

Cell Aquaculture is rapidly expanding its fish production facilities in sites across the world including negotiations currently underway to develop a new facility in the US. Cell is also developing large scale production and a world class multi-species hatchery in Malaysia set to open later this year.

Commenting on the fund raising newly appointed executive chairman Mr Paul Hopper said: "We raised this money ourselves mostly from existing shareholders who are closely following our progress. The new capital helps the company's balance sheet and shows confidence in our aggressive business strategy."

"Cell is a revenue generating company and these revenues are expected to grow substantially."