Seafarms Group (ASX:SFG) receives commitments for $92.5m placement
- Sustainable aquaculture company Seafarms Group (SFG) receives binding commitments to undertake a $92.5 million placement
- The company is aiming to raise up to $150 million to construct stage 1a of its Project Sea Dragon in the Northern Territory
- Once completed, Project Sea Dragon is expected to become one of the largest black tiger prawn operations in the world
- More than 1.6 billion new shares will be issued to institutional and sophisticated investors at a price of 5.5 cents
- The company will also be undertaking a share purchase plan to raise the remaining $15 million
- Shares in SFG are down 26.7 per cent and are trading at 6.3 cents at 12:53 pm AEST
