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Bonafide becomes largest Clean Seas shareholder

This comes while the company looks to ways to raise more capital.

The asset manager Bonafide lifted its stake in publicly listed Australian yellowtail kingfish producer Clean Seas to 17.66 percent up from 9.53 percent. It is now the largest shareholder in the company.

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The company grew sales volumes by 19 percent in July compared to the same month last year through its Spencer Gulf Hiramasa Kingfish product.

The wealth management firm will appoint Gilbert Vergeres as director of the Clean Seas board by early 2020.

Clean Seas will issue 8,241,506 shares to Bonafide at a rate of $0.8008 (€0.72) per share to raise the $6.6 million (€5.9 million) equity placement.

The Perth-based financial services firm Patersons Securities acted as the lead manager to the placement.

The Australian-listed producer also announced plans to issue convertible notes to shareholders to raise about $15.3 million (€13.8 million) on a pro-rata basis. The full details will be disclosed in September

The capital raise will enable the company's vision to self-fund and pursue the successful outcome of its feed litigation against Gibson's.

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