In its recent semi-annual report ending June 30, Blue Star disclosed a net loss of $3.4 million.
Blue Star Foods, the company behind the land-based steelhead farm Taste of BC, announced on Monday that it had used $2,573,142 raised earlier in September to pay off a loan from fund manager The Lind Partners.
The move is an effort to lessen total debt and bolster the company’s financial stance as it seeks growth opportunities.
John Keeler, Chairman and CEO of Blue Star Foods praised the Lind Partners for its role in steadying the company’s financial position.
“Now, with the largest Lind convertible note settled, Blue Star is in a position to channel its operational cash flow towards further development of its SoftShell crab RAS farm at a new location in Beaufort, South Carolina,” he said.
The company has produced steelhead under the brand name Little Cedar Falls for distribution in Canada since 2013. In its recent semi-annual report ending June 30, Blue Star disclosed a net loss of $3.4 million.
The Lind Partners is an institutional fund manager that provides growth capital to small- and mid-cap companies.
Convertible notes are a form of debt that can be converted into equity, typically at a future date.