Land-based salmon producer AquaBounty is seeking $110.5 million (€92.1 million) in a new share offering to help finance its ambitious land-based production plans.

AquaBounty, which trades on the Nasdaq Capital Market, announced Wednesday in a preliminary prospectus that the funds raised would go toward the construction of a new land-based facility to grow its AquAdvantage genetically modified farmed salmon.

The company is offering a total of 13 million shares to the public for the price of $8.50 (€7.10) per share, expected to close on or about Feb.