Rare Foods Australia Limited (AU:RFA) has released an update.
Rare Foods Australia Limited reports a record processing of 124 tonnes of premium abalone, a 6% increase from the previous year, and $2M in funding from an Entitlements Offer despite a $1.3M negative cashflow in the latest quarter. The company has also initiated new growth strategies, including the launch of the Winereef trial and starting live abalone trials at a new Perth facility to meet east coast demand. Additionally, they are negotiating a new long-term juvenile supply agreement following the end of a 10-year contract with 888 Abalone.
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