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SeaDragon shareholders exercise rights to raise over $2.5m

SEA: NZX and Media Release 28 September 2015

SeaDragon shareholders exercise rights to raise over $2.5 million
Capital raising success now assured and will complete following shortfall bookbuild tomorrow.

New Zealand’s leading refiner and blender of high-quality fish oils SeaDragon Limited (NZX:SEA) today announces it has received acceptances for 322,443,352 shares in its three-for-five rights offer, raising a total of $2,579,546 for the company.

Capital raised from these acceptances, the commitment from natural health and beauty products manufacture Comvita announced earlier today and commitments from Bio Science Managers to the short fall bookbuild process means the capital raising has already exceeded $8.0 million.

The short fall bookbuild, to be undertaken on Tuesday 29 September, will provide an opportunity to increase the capital raise towards the maximum target of $9.09 million. The capital raised will be sufficient to meet SeaDragon’s investment requirements for the immediate future including:
• The completion of its new Omega-3 refinery in Nelson;
• The addition of a fractionation plant to the new refinery;
• The upgrade of SeaDragon’s existing manufacturing facility;
• The company’s ongoing working capital requirements; and
• The costs associated with the rights offer.

SeaDragon Chairman Colin Groves said: “Investors have given a strong endorsement to SeaDragon’s strategy to transition to the production of high-quality sustainably sourced Omega-3 fish oils. We now look forward to the completion of the shortfall bookbuild, which opens tomorrow.”

Shortfall bookbuild:
The Shortfall bookbuild, for SeaDragon securities that are attributable to unexercised rights, as described in the offer document, will open at 10am on Tuesday 29 September, and close at 3:00pm, on the same day.
Investors interested in participating in the shortfall bookbuild process may do so by contacting an NZX Primary Market Participant Firm, or contacting the Lead Manager Beale Capital Consultants directly (details below). All participants must be Eligible Bookbuild Investors as defined in the offer document.

Offer timetable

Shortfall bookbuildTuesday 29 September 2015
New shares and options allottedFriday 2 October 2015
Expected date of quotation of new sharesFriday 2 October 2015
Shareholder statements dispatched to successful applicants no later than:Thursday 8 October 2015

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