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    Clean Seas splash with cash following $32.15 million funding deal renewal

    Clean Seas Seafood (ASX:CSS) has renewed its $32.15 million funding agreement with the Commonwealth Bank of Australia.

    The agreement comprises a cash advance facility of $14 million, a trade finance facility of $12 million, an equipment finance facility of $6 million, and a corporate card facility of $150,000.

    Clean Seas, which has a market capitalisation of $51.37 million, says maintaining these facility limits, along with the proceeds from its recently announced $9.5 million two-tranche placement, will provide funding headroom to support working capital and costs related to an operational review.

    The company announced on 24 November it had begun an operational review to conduct an in-depth assessment of the operational structure of the business.

    The company notes the operational review will be implemented over the next 3 to 6 months and will focus on work streams associated with biomass levels and the optimal production volume at which Clean Seas should operate.

    Further, the review will focus on the consolidation and maximisation of farming activities, and right-sizing the business to maximise profitability and cash flow.

    Clean Seas breeds, farms, processes, and markets Hiramasa and Yellowtail Kingfish.

    Images: Clean Seas Seafood
    Aaliyah Rogan
    Aaliyah Rogan
    Recently relocated from a small town in New Zealand to Queensland Australia, Aaliyah Rogan is a fervent journalist who recently completed a Communications/Media degree at Otago University. Aaliyah hopes to excel as a journalist and become an inspiration to others.