An equity drive for the funding of a recirculating aquaculture system to raise salmon near Harlan will get underway today (Tuesday). Inland Sea-Harlan will be launching the drive with a meeting at 1:30 p.m. at the Therkildsen Activity Center in Harlan. Additional meetings in Des Moines, Sioux City, Mason City, Cedar Rapids and Council Bluffs will take place between now and Sept. 15. The company is seeking equity capital from accredited investors in a 506(c) private placement offering to finance a portion of the construction and operating costs for the proposed facility. The balance of the project is expected to be funded with senior debt financing. The proposed facility, when operational, is expected to produce and harvest approximately 5.3 million pounds of salmon annually and projects annual revenues of $16 to $20 million, depending on prices and actual salmon production. Annual earnings are projected to fall between $4 and $7 million. All equity meetings will begin at 1:30 p.m., and a full listing of locations and dates can be found below. An accredited investor must have a net worth of at least $1 million U.S. dollars, excluding the value of the primary residence, or have an income of at least $200,000 per year for the past two years and have the expectation of making that same amount or more this year.
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September 6 – Harlan CG Therkildsen Activity Center, 706 Victoria Street, Harlan
September 7 – Des Moines Community Choice Credit Union Convention Center, 833 5th Avenue
September 8 – Sioux City Stoney Creek Inn (Pioneer Room), 300 3rd Street
September 12 – Mason City NIACC Muse Norris Conference Center, 500 College Drive
September 13 – Cedar Rapids Marriott, 1200 Collins Road
September 15 – Council Bluffs Mid-America Center (Club Room – upstairs), One Arena Way
