Ocean Sciences secures funding for Indonesian seaweed expansion

Ocean Sciences locks in $700,000 placement

Ocean Sciences Ltd (ASX:OSS) has secured firm commitments for a $700,000 capital raising, giving the seaweed developer fresh funding as it expands operations in Indonesia and develops its Seaweed Innovation and Application Centre.

The placement will issue 63,636,364 shares at $0.011 each. Participants will also receive one free attaching option for every share allotted, with an exercise price of $0.03 and a three-year life. Those options will not be listed on ASX, and their issue requires shareholder approval at a proposed December 2026 meeting.

The raising arrives after Ocean Sciences’ first China seaweed shipment and a September quarter in which the company reported $72,000 of cash. The company’s latest filing does not state how long the new funds are expected to last, but it identifies working capital alongside operations and development as a use of proceeds.

Director participation and future option supply

Company directors and related parties have subscribed for 13,454,546 shares and the same number of attaching options, contributing $148,000. Their shares and options require shareholder approval under ASX Listing Rule 10.11. The remaining 50,181,818 shares for non-related investors were approved by shareholders at the company’s 11 September 2026 meeting, although the related attaching options still require approval.

Ocean Sciences also intends to make a loyalty options offer, or a similar pro rata offer, to eligible existing shareholders within about three months of the placement term sheet. The proposed offer is expected to use the same option series, but its final terms have not yet been settled.

Sanlam Private Wealth is acting as lead manager and will receive a 6% plus GST success fee on gross funds raised from investors it introduced. It will also be issued 10,500,000 options from the same series, subject to shareholder approval. That means the eventual option count could materially exceed the free options attached to the placement shares, depending on the December vote and the terms of the loyalty offer.

Funding directed towards Indonesian platform

Ocean Sciences said the net proceeds will support Indonesia-based seaweed operations, product development, the Seaweed Innovation and Application Centre, research and development projects and working capital. The allocation gives the company room to pursue several initiatives at once, but the filing does not break down how much will go to each activity.

The placement shares are scheduled for settlement on 9 November 2026 and allotment on 11 November, although the timetable is indicative. The key shareholder test is expected in December, when investors will vote on the attaching options, the director-related securities and Sanlam’s broker options.