Murray Cod Australia raises $10.1M to monetise biomass

Murray Cod Australia (ASX:MCA) secured $10.1 million through the institutional component of its accelerated non-renounceable entitlement offer.

The company issued approximately 67.2 million new shares at a fixed price of $0.15 per share, seeing an institutional take-up rate of 67.59%.

This marks a milestone in a broader capital-raising effort designed to generate total gross proceeds of $18.6 million, with the retail component set to open on May 8.

The fresh injection of capital is earmarked to support the company’s transition into its next phase of growth.

Approximately $15.9 million will fund working capital required to convert 3,700 tonnes of saleable biomass into revenue, while the remainder is allocated towards expanding processing capacity and managing restructuring costs.

Under the refreshed leadership of CEO Steven Chaur, MCA is shifting towards a customer-led, multi-channel domestic sales approach to monetise its substantial fish stocks more efficiently.

Investors are keeping a close eye on the potential shift in control, as major shareholders Regal Funds Management and Chair Brett Paton have both committed to their full entitlements and agreed to sub-underwrite up to $4 million each.

While this provides a strong vote of confidence, it could see Regal’s voting power climb to 27.03%.

As the retail offer concludes on May 20, the market will be watching whether this aggressive capitalisation can turn biological assets into sustained cash flow.

At the time of reporting, Murray Cod Australia’s share price was $0.16.