Global Seafood back from administration as GSF Corp IPO

Subiaco-based GSF Corporation Ltd aims to raise $1.9 through a placement, share and options offer in an effort to reinvigorate the company since it went into administration in February.

The company aims to raise $300,000 through a placement of 120 million shares at 0.25c each, $1.6 million though a share offer of 160 million shares at 1c each, and $1000 through the sale of 40 million options at 1c each.

It was previously known as Global Seafood Australia Ltd, and according to the company's prospectus, still enjoys a good reputation in international seafood markets.

GSF will apply funds raised to the development of its existing assets, the review and evaluation of new projects, the repayment of loan funds and general working capital.

The deal opened on October 12, and will close November 10.