Miami-based Blue Star Foods Corp. announced Monday is it choosing Deep Bay, British Columbia, as the location for its planned larger-scale land-based steelhead salmon farm.

Earlier this year, Blue Star acquired land-based steelhead producer Taste of BC Aquafarms. At the time, Blue Star CEO John Keeler said company plans to produce 21,000 metric tons of product by 2028.

Taste of BC Aquafarms has now agreed upon material terms of a 20-year lease agreement for around 20 acres in Deep Bay, with an option to expand an additional 10 acres.

"Our strategy of replicated modular expansion allows us greater flexibility in site selection in contrast to businesses that are looking to build 10,000 metric ton facilities or larger," said Ben Atkinson, CEO of Taste of BC.

"This first property meets all of our criteria for the next phase of our expansion."

The Deep Bay site will be the first location for the group's 1,500 metric-ton facility already in development, and will potentially support up to 4,500 metric tons of annual production.

Last year, production at the Taste of BC steelhead farm pilot site in Nanaimo, BC, which has been operating for more than a decade, reached 103 metric tons of its Little Cedar Falls brand of steelhead.

Blue Star also announced Monday the closing of its recent public offering raising proceeds of $4 million (€3.5 million).

Last week, Blue Star shares began trading on the Nasdaq Capital Market under the symbol BSFC.