Genetically modified (GM) salmon producer AquaBounty on Thursday announced it has closed on an underwritten public offering of nearly 10.4 million shares of common stock at a price of $1.50 (€1.38) per share.

The gross proceeds to AquaBounty from the offering are around $15.5 million (€14.2 million), before deducting underwriting discounts and commissions and offering expenses, the company said.

The company said it will use the proceeds towards construction and renovation of its Rollo Bay and Indiana facilities, and for working capital costs associated with growing its first batches of fish at the farm sites.