August 2, 2007

Australis raises money to buy Vietnamese fish farm

Perth-based seafood company Australis Aquaculture Ltd has raised US$11.3 million through a placement and share purchase plan to fund its acquisition of assets of a Vietnamese farm.

The money raised would also be used for an upgrade of its US infrastructure.

The fundraising is part of the strategic plan to introduce barramundi to North American markets and to grow it at large commercial volumes.

The company hopes to achieve an annual 1,000-tonne production in the US in its latest expansion.

It also recently signed an agreement with a Vietnamese university for supplies of barramundi fingerlings. Under the agreement, Vietnam's Nha Trang University would used a hatchery constructed by Australis to supply 12.6 million barramundi fingerlings a year to Australis.