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Source: ONE News
Fresh food and Omega-3 company Speirs Group says it has raised more than $5.9 million in equity and medium term debt.
The fundraising was in line with the company's programme to reposition itself within the fresh and functional foods industries, Speirs Group chairman Nelson Speirs said on Tuesday.
The new funds included $2.82 million in 9% fully imputed convertible redeemable preference shares, $1.7 million in four year term debt, and $1.38 million in equity in partly owned subsidiary Speirs Nutritionals Partners.
The $1.38 million of equity to new investors in Speirs Nutritionals was an 18.7% partnership interest. Along with that Speirs Nutritionals had issued $2 million by value of additional partnership interests to Speirs Group by way of repayment of $2 million loan financing.
Speirs Group now held a 59.6% partnership interest in Speirs Nutritionals, which has proprietary technology that masks the smell and taste of omega-3 fish oil, and stabilises the oil.
The process allows large doses of the oils, in the form of an emulsion, to be incorporated into a range of food products.
Speirs Group shares last traded at a year-low of 25 cents on February 1. The highest price in the past year was 46 cents in August.
