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Murray Cod Australia Limited ( (AU:MCA) ) has issued an update.
Murray Cod Australia has launched a fully underwritten 1-for-1 accelerated non-renounceable entitlement offer to raise about $18.6 million at $0.15 per share, a steep discount to recent trading levels, issuing roughly 123.9 million new shares that will make up about half of its post-raise capital. The funds will primarily support working capital to monetise its existing biomass, with smaller allocations to processing expansion, restructuring, and offer costs, while major shareholder Regal Funds Management and chairman Brett Paton have committed to taking up their full entitlements and sub-underwriting, signalling strong insider support despite dilution risk for non-participating investors.
More about Murray Cod Australia Limited
Murray Cod Australia Limited is an Australian aquaculture company listed on the ASX that farms and processes Murray cod, focusing on converting its biomass into marketable fish products. The company is expanding its processing capacity and product formats to enhance its presence in premium seafood markets and improve cash generation from its 3,700-tonne biomass.
Average Trading Volume: 136,919
Technical Sentiment Signal: Sell
Current Market Cap: A$32.53M
For an in-depth examination of MCA stock, go to TipRanks’ Overview page.