CLEAN Seas Tuna has received more than $6 million for research and development expenditure.
The company announced on Monday it would claim a refund of $6.157 million under the research and development tax incentive scheme by the Australian Taxation office for expenditure last financial year.
The company’s chief executive officer, Craig Foster, said the payment would allow the company to continue kingfish research.
“These funds, together with the funds to be raised from the company’s current $6 million underwritten share purchase plan will be applied to working capital to be used to support the kingfish expansion strategy and continuing related research and development initiatives,” he said.
“The directors are confident that the level of finding on completion of the share purchase plan will be sufficient for the company to execute its plans to increase kingfish production to 1500 tonnes per annum by 2015.
“As announced previously the company expects to be cash flow positive and profitable at that production level in 2015.”
The company announced earlier this month it planned to raise up to $6 million from shareholders through a share offer.
The company’s directors Hagen Stehr and Marcus Stehr, along with alternate company director Paul Robinson and chief executive officer Craig Foster would be participating in the share offer.
Under the plan, each shareholder will be able to buy as few as $1000 of Clean Seas shares and up to $15,000.
Clean Seas Tuna has received more than $6 million for research and development expenditure.
This article first appeared in Hangzhou Night Net.