Murray Cod Australia secures $17m placement for growth initiatives

Murray Cod Australia Ltd (MCA) has announced the successful completion of an institutional placement, raising approximately $17 million before costs. The placement, which received strong support from both existing and new institutional investors, involves the issue of about 17.9 million new shares at $0.95 per share. This price represents an 8.7% discount to the last closing price of $1.04 on 24 September 2025, and discounts of 7.1% and 12.3% to the 10-day and 30-day VWAPs, respectively.

The proceeds will be used to bolster MCA’s balance sheet, fund the completion of the Stanbridge development, provide for the construction of 24 future ponds at Gogeldrie, upgrade processing plants, strengthen sales and marketing capabilities, and cover general working capital and offer costs. This capital injection is pivotal as MCA approaches its FY26 sales inflection point, with harvest volumes year-to-date up 69% over the previous year, supported by record grow-out biomass of 2,481 tonnes as of 30 June 2025.

The new shares will rank equally with existing fully paid ordinary shares and will be issued under the company’s existing ASX Listing Rules 7.1 and 7.1A placement capacity. Ord Minnett Limited and Stralis Capital Partners Pty Ltd served as joint lead managers and bookrunners for the placement. Settlement is slated for 1 October 2025, with allotment, quotation, and trading of new shares expected by 2 October 2025.