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Green Invest secures $5.8M for new food division

Last updated: 13:10 28 Dec 2012 AEDT, First published: 12:10 28 Dec 2012 AEDT

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Green Invest (ASX:GNV) has signed non binding term sheet to secure as much as $5.8 million in funds that would allow it to set up a food division via the acquisition of the Ecofish property in Queensland.

The funding proposal will enable Green Invest to complement its water and energy division by setting up a sustainable food division. The division will have two sources of income including project/farm management as well as production.

The production will in the long run provide a steady revenue stream.

The funding proposal consists of a blend of debt, equity and convertible debenture.

The funds will be utilised to buy the Ecofish property and assets including plant and licences at Glenview in Queensland; capital for re-commissioning and expansion of the facility to establish 350 tonne fish growing operation and working capital.

The money will also be used to establish an equity position in an Asian fish farming project, which proposes to utilise the RAD technology. The lender has allocated an additional amount of $1.2 million for a direct equity investment in the project.

The funding proposal is subject to due diligence, which is scheduled for completion within 14 days; purchase of the Glenview property and RAD technology as well as getting shareholder approval for the deal.

A shareholders meeting is likely in early 2013.



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