Murray Cod raises $3m to continue the codslaught

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 company took a battering last year when its insurer refused to pay out for 8000 cod lost after oxygen levels in a pond hit catastrophically low levels due to a mechanical failure.

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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.