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Seafarms Group Limited ( (AU:SFG) ) has issued an announcement.
Seafarms Group has completed the $750,000 acquisition of the non-cash assets and undertakings of the previously liquidated Project Sea Dragon entity, securing key licences, approvals and agreements needed to progress its flagship Sea Dragon Shrimp project. This move is expected to remove longstanding legal uncertainty around the project’s ownership, enabling the company to pursue project financing and a final investment decision within the current financial year, while a related Federal Court ruling on disputed funds is still pending but is likely to benefit Seafarms as the largest creditor. Operationally, the Queensland business delivered a strong December quarter with 184 tonnes of prawn production, including 177 tonnes of banana prawns largely sold into the Christmas market, $4.9 million in sales revenue from domestic fresh sales, export of frozen black tiger prawns to Europe and post-larvae sales, and further validation of its black tiger domestication and breeding program, even as cash outflows remained significant and the company expanded its finance facility and explores additional funding options and possible asset sales to support operations until the Sea Dragon Shrimp project is fully financed.
More about Seafarms Group Limited
Seafarms Group Limited is an Australian sustainable aquaculture company listed on the ASX, best known for producing premium Crystal Bay prawns and developing the large-scale Project Sea Dragon prawn aquaculture project in northern Australia, with operations spanning hatcheries, grow-out farms and export-focused supply into both domestic and European markets.
Current Market Cap: A$9.67M
See more data about SFG stock on TipRanks’ Stock Analysis page.