Transgenic-salmon grower AquaBounty has commenced a public offering of $10 million of shares in the company.

The Massachusetts-headquartered firm said it also expects to grant the underwriter of the offering a 45-day option to purchase up to an additional $1.5m of shares to cover over-allotments.

AquaBounty has previously outlined its intention to raise a net sum of $9.2m from the $10m share sale.

Harvesting in Q2

It intends to use $2m of funds raised to continue construction and renovation of its 1,200-tonne-per-annum on-land farm at Albany in Indiana and 250-tonne farm at Rollo Bay on Prince Edward Island, Canada.

Another £2m will be used for working capital costs associated with the continued grow-out of the first batches of fish now being raised at those farms, and the balance will be used for general corporate purposes.

AquaBounty expects it will begin harvesting fish at the Indiana farm in the second quarter of this year, and those at Rollo Bay in the fourth quarter. The company’s AquAdvantage salmon grow more quickly than conventional Atlantic salmon and require less feed.  Read the article.

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