HQ Sustainable Maritime Industries to issue 3M shares

Shares of HQ Sustainable Maritime Industries, Inc. (AMEX: HQS) are edging lower in pre-market after the toxin-free aquaculture and aquatic product processing company said it will offer three million shares of common stock at $7.80 per share.

The small cap said it intends to use approximately $13 million of the net proceeds to construct a new large scale processing plant in Hainan Province, roughly $5 million to complete construction of an organic feedmill and the remaining for general corporate purposes, including working capital.

Roth Capital Partners and Ladenburg Thalmann & Co. Inc. are the joint book running managers for the offering. The company also granted the underwriters an option to purchase an additional 450,000 to cover over-allotments.

Shares of HQ Sustainable (HQS) edged down 2.31%, or $0.20, to $8.45 in pre-market trading. Maritime Shares of HQ Sustainable Maritime have been trading in the range of $3.80 to $13.00 for the past 52 weeks.

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