4 Nov 2013

Nelson fish oil maker looks to raise funds for refinery

8:20 am on 4 November 2013

Nelson-based fish oil maker Sea Dragon is looking at its options to raise the rest of the money it needs to build a new oil refinery in a bid to tap into the $US33 billion Omega 3 supplement market.

The company has so far raised nearly $1.5 million from the sale of two tranches of shares in the IT company Snakk Media but needs $4 million - $6 million in total to build the plant.

Sea Dragon independent director Tim Preston says demand for Omega 3 is huge, especially from food and infant formula manufacturers, and potential customers are already lining up for the oil that will be made from hoki waste.

He says hoki is a New Zealand brand and one that virtually comes straight out of the ocean and into processing, so the Omega 3 that comes from that would be very fresh.

Mr Preston says that, funding permitting, it's anticipated a new plant should be installed within the next 12 months and producing Omega 3 by 2015.