GM salmon farmer raises $15.5 million in share offering

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55,000 tonnes in just eight years.

In a press release, AquaBounty – which is behind the outfit currently producing genetically engineered-fast growing salmon (AquaAdvantage) – has announced the closing of its public offering of 10,350,000 shares of common stock of the company at a public offering price of USD 1.50 per share (which includes the exercise in full to purchase an additional 1,350,000 shares of common stock).

The gross proceeds to AquaBounty from the offering are USD 15.5 million. With the funds, it wants to significantly scale operations and expand its existing production facility. It also has its eye on a “new large plant build-out in the US, Canada, and internationally utilising project-based finance and potential JV partners”.

The AquaAdvantage USP is that it can grow faster, and AquaBounty says that its faster growth to harvest accelerates ROI in farm operations – which it says delivers 2x vs. conventional RAS salmon.

Earlier in the month, SalmonBusiness reported that AquaBounty aims to raise 55,000 tonnes of genetically-raised salmon a year by 2028.