Clean Seas Seafood Limited

Regulatory Filings • Nov 23, 2023

Clean Seas undertakes operational review and completes ~A$9.5 placement

Clean Seas undertakes operational review and completes ~A$9.5 placement

[ADELAIDE], 24 NOVEMBER 2023

Highlights:

• Clean Seas has successfully completed a ~A$9.5 million non-underwritten two-tranche placement in conjunction with the undertaking of an operational review.

• The placement will settle in two tranches: ~A$6.7 million on 1 December 2023 and ~$A$2.8 million on 17 January 2024 following an EGM (if approved).

• The Company seeks to drive operational efficiencies by offsetting input cost pressures currently being faced in the global environment and to create a more stable and resilient business.

• Funding will be used for working capital to facilitate the right sizing of the business operations and to execute on other key focus areas of the operational review.

• Tranche 2 of the placement is subject to shareholder approval. As part of Tranche 2, Clean Seas’ largest shareholder Bonafide Wealth Management, has subscribed for A$1.0 million and directors & management have committed to subscribe for a further ~A$0.1 million.

The full announcement is attached below

Authorised for release by the Board of Clean Seas Seafood Limited.

For further information please contact:

Rob Gratton

CEO

rob.gratton@cleanseas.com.au