Clean Seas Tuna has received an AUD 6.157 million (USD 5.95, EUR 4.35 million) research and development refund under the R&D tax incentive scheme from Ausindustry and the Australian Taxation Office.
The funds, along with the funds to be raised from Clean Seas’ current AUD 6 million (USD 5.8 million, EUR 4.24 million) underwritten Share Purchase Plan (SPP), will support the company’s kingfish expansion strategy and continue related R&D efforts.
“The directors are confident that the level of funding on completion of the SPP will be sufficient for the company to execute its plans to increase kingfish production to 1,500 metric tons [annually]. As announced previously the company experts to be cash flow positive and profitable at that production level in 2015,” said Craig Foster, CEO.
