Fish farmer Clean Seas Tuna is planning to raise capital to fund increased production of kingfish.

Clean Seas told shareholders at its annual general meeting in Adelaide that details of the capital raising would be released within the next two days.

“The purpose of the capital raising is to complete the funding of our core kingfish business to a production level of 1,500 tonnes per annum,” Clean Seas said.

The company acknowledged that shareholders had already contributed extra funds to the company via a $3.6 million issue of new shares earlier this year.

“It is your board’s aim that this is the last capital raising required for the company to achieve profitable trading at its interim target production level of 1,500 tonnes per annum,” it said.

Clean Seas intends to use cashflows and debt to progressively lift kingfish production to 3,000 tonnes per annum.

Clean Seas shares are in a trading halt and last traded at 6.9 cents.

It has been a long haul for shareholders in the West Coast fishing and research group.

Clean Seas listed on the stock exchange in late 2005 and shares peaked in 2007 above $1.20.

After shedding cash on its speculative research program the shares bottomed out at one cent.

Its speculative southern blue fin tuna breeding programs have since been deferred as it seeks to concentrate on its kingfish and yellowtail fish production programs.

In May this year the company said a $3 million rights issue gave the cash-strapped group room to move.

Now it seems that money wasn’t enough.