News: Cell Aquaculture takes more time for capital raising

Cell Aquaculture (ASX:CAQ) has extended its prospectus to raise up to $50 million to acquire Haikou Peace Base Industry Development Company Limited.

Haikou Peace Base has purchased a parcel of land in Haikou Integrated Free Trade Zone, China, where it is constructing several multistory buildings containing factories, warehouses, a commercial administration building and a retail complex.

The company is offering investors up to 250 million shares priced at $0.20 each. This is subject to a minimum subscription of at least $45 million.

Proceeds will be used to:

- Complete the acquisition of Haikou Peace Base by repaying the Vendor Loans of US$3 million;
- Pay the construction contractors tasked with the construction and fit out of the Haikou Project;
- Pay various costs associated with the Offers; and
- Provide capital to enable identification, investigation and development of other investment opportunities.

Haikou Project

The Haikou Project is located within the Haikou Integrated Free Trade Zone, the fourth free trade zone approved in China and the first that allows tourist tour programs.

HPB is planning to work closely with the Haikou Free Trade Zone Management Authorities to provide and assist tenants with their applications and processing of all necessary permits and licenses as required by the Chinese Central Government.

The project has over 80,000 square metres of commercial space to lease out.

It also plans to work with the Hainan free trade zone management authorities and Hainan’s Tourism Bureau to hold exhibitions and trade shows to ensure a steady stream of visitors to the Haikou Integrated Free Trade Zone.

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