Cooke Aquaculture Inc. will double sea bass production in Spain this year, while actively seeking an acquisition in Chile, spokeswoman Nell Halse said Monday.
Financing to the tune of CAD 250-million to cover the growth will come through the privately-held company’s bankers, after the company dropped a plan to raise the required cash through a bond sale, Halse said.
“We considered the bond route, but in the final analysis the bank rate was better,” she said.
Halse said the decision to turn to the banks for funds to cover expansion plans in Spain and Chile was unrelated to any poor publicity the firm endured in Nova Scotia in February about some contaminated salmon.
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