Australis Aquaculture Limited (ASX: AAQ) today announced that it has received a funding facility in an aggregate amount of US $1,000,000 from a large existing shareholder. The proceeds of the loan made by WM Capital, Inc., an affiliate of Conti Street Sustainable Investments LP of Houston, Texas, will be used primarily to expand production rates at the company’s contract production facilities in Southeast Asia to support increased sales demand, and for general working capital. Under the terms of the loan agreement, WM Capital, or its affiliates have the option to either convert outstanding principal and interest into new debt or equity issued by Australis as part of the current Company’s fundraising activities, or to be repaid in full. The Note is due on 31 December 2008.
AAQ Price at posting:
$1.25 Sentiment: Buy Disclosure: Held
