Australis to Suspend Trading to Seek Additional Financing


SeafoodSource staff

Published on
January 11, 2009

In a statement submitted yesterday to the Australian Stock Exchange, Australis Aquaculture requested that it voluntarily suspend trading of its shares while it pursues additional financing.

The barramundi producer is seeking the financing to assist with either a loan rollover, conversion of a convertible note or repayment of a loan from WM Capital.

On Dec. 15, Australis received $1 million from WM Capital, an affiliate of company shareholder Conti Street Partners, bringing the total loan amount to $2.75 million.

Australis is in discussions with three equity firms: Wakabayashi Fund LLC, Landmark Capital Corp. and Integral Capital Group.

Australis raises barramundi in a closed-containment farm in Turners Falls, Mass., and at farms in Southeast Asia.

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