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Seafarms Group Limited ( (AU:SFG) ) has issued an announcement.
Seafarms Group Limited has amended its Revolving Credit Agreement with Avatar Finance Pty Ltd, increasing its available funds from $8.5 million to $16.5 million and extending the repayment date to October 2026. This move is crucial for the company to address complications from the liquidation of Project Sea Dragon and to continue its operations, as it has struggled to secure third-party financing on acceptable terms. The increased facility will support the company’s working capital needs, including funding the current prawn crop and ongoing costs related to Project Sea Dragon. The company is also in discussions to reacquire assets from Project Sea Dragon and seeks further investment to develop these assets.
More about Seafarms Group Limited
Seafarms Group Limited operates in the aquaculture industry, primarily focusing on prawn farming and related operations. The company is involved in various projects, including Project Sea Dragon, aimed at expanding its aquaculture capabilities.
Current Market Cap: A$9.67M
Learn more about SFG stock on TipRanks’ Stock Analysis page.