LONDON (Alliance News) - Aquaculture biotechnology company Aqua Bounty Technologies Inc on Friday said it has purchased the former Atlantic Sea Smolt plant on Canadian province Prince Edward Island for USD700,000.
Aqua Bounty said the USD700,000 was paid in cash and funded from its existing resources.
The purchase of the property follows the approval of Aqua Bounty's application to re-purpose the site for brood stock expansion by Prince Edward Island's Department of Environment, the company said.
Aqua Bounty plans to use the new location to raise conventional Atlantic salmon to provide eggs which will then be transferred to its Bay Fortune egg production plant on the island.
"We are pleased to have received the relevant environmental and construction permits to renovate this site to grow our salmon. The purchase of this property is part of our strategic plan to scale up our production capacity to support the commercial roll-out of AquAdvantage Salmon," said Chief Executive Ronald Stotish.
Shares in Aqua Bounty closed up 38% at 37.85 pence on Friday.
By Hannah Boland; hannahboland@alliancenews.com; @Hannaheboland
Copyright 2016 Alliance News Limited. All Rights Reserved.
