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AquaBounty Technologies Inc
- BY: Andrew Hore |
- POSTED: 22/02/2012 |
Aquaculture technology developer AquaBounty Technologies Inc plans to raise $2m (£1.26m) for working capital.
The shares will be issued at 3.79p each. There was cash in the bank of $3.81m at the end of June 2011. The additional cash will provide a further 10 months of working capital but more cash will need to be raised because significant revenues are not expected until 2014.
AquaBounty, which develops products that enhance fish growth, is spinning out its research and development operation and selling it to Tethys Ocean $1. This will reduce AquaBounty’s costs, although it will make monthly payments for services to support its AquAdvantage Salmon production and development activities.
Although with other overhead reductions, AquaBounty will cut costs by $1.4m a year. There will be 12 full time staff.
Tethys Ocean will own 47.65% of AquaBounty after the fundraising.
At 4p a share, Aqua is valued at £2.75m.
Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFFebruary2012_29.pdf
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