Murray Cod raises $3m to continue the codslaught
Health & Biotech
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AustralianSuper is backing Murray Cod’s mission to scale its fish farms.
The industry super fund invested $2.3 million into a $2.75 million capital raising for institutional investors.
The shares were sold at 6c each.
Murray Cod Australia (ASX:MCA) was trading at 6.1c on Friday morning.
The extra cash should help the company scale fast enough to avoid the problem that sent its cash flows into negative in the December quarter, a supply squeeze as it waited for fish to fatten.
The company says it’s going to use its new wealth to build new growing infrastructure, d a rebrand and investigate export markets.