December  21, 2007

Clean Seas raises US$36.8 million

Clean Seas Tuna raised US$36.8 million through a share placement with Simplot and shareholder take-up of a 1 for 8 rights issue approved in November.

The equity raising saw almost 100 per cent take-up of the available rights, resulting in a further 17,258,253 shares being issued to take the total ordinary shares on issue to 155,388,559.

Funds raised will be used to acquire Clean Seas Aquaculture Growout Pty Ltd (CSAG), the private aquaculture business owned by the family of Clean Seas Chairman, Hagen Stehr.

Stehr family interests subscribed for their full entitlement of US$12.8 million under the rights issue, converting all their notes and subscribing a further US$0.2 million from their entitlement.

The non-Stehr family portion of the rights issue was underwritten by Lonsec Limited. Cartesian Capital was lead manager to the rights issue and placement.

Simplot Australia Limited is a subsidiary of privately held food and agribusiness corporation, JR Simplot Company, based in Boise, Idaho.