Speirs fundraising

Fresh food and omega-3 company Speirs Group says it has raised more than $5.9 million in equity and medium term debt.

The new funds included $2.82 million in 9 per cent fully imputed convertible redeemable preference shares, $1.7 million in four-year term debt, and $1.38 million in equity in partly owned subsidiary Speirs Nutritionals Partners.

The $1.38 million of equity to new investors in Speirs Nutritionals was an 18.7 per cent partnership interest. With that, Speirs Nutritionals had issued $2 million by value of additional partnership interests to Speirs Group by way of repayment of $2 million loan financing.

Speirs Group now held a 59.6 per cent partnership interest in Speirs Nutritionals, which has proprietary technology that masks the smell and taste of omega-3 fish oil, and stabilises the oil.