Fish oil maker SeaDragon is speeding up its growth plans after a strong response from shareholders to its latest capital raising.
The company has raised $4.1 million in its share purchase plan (SPP) - well above the $2.5 million target.
It has also signed an agreement with the landlord of its new Nelson-based fish oil refinery and a contract with an equipment supplier.
In the past three months, SeaDragon has raised $8.6 million dollars through the SPP, a share placement to institutional investors and the sale of its stake in tech firm Snakk Media.
Chief executive Ross Keeley said part of the money would be used to pay off debt and to fund the new plant, due for completion at the end of the year.
But it would also be used in product development and sales and marketing in the next two years.
"It gives us a quantum leap forward in terms of being able to put the foot on the accelerator for the growth of this business and look at other opportunities that will come our way in near future," Mr Keeley said.
The new plant would enable the company take a larger share of the rapidly growing multi-billion dollar Omega3 market, he said.