Coastal Shellfish Limited Partnership closed a $6 million financing today for the expansion of its scallop aquaculture business on the North Coast of British Columbia.
CAPE Fund LP (Capital for Aboriginal Prosperity & Entrepreneurship) will invest an additional $4 million and the Metlakatla Development Corporation (Metlakatla First Nation) will invest an additional $2 million into Coastal Shellfish LP. This follows investments in 2011/12 of $1 million by CAPE Fund and $700,000 by the Metlakatla Development Corp.
Other partners in the Coastal Shellfish business include the Great Bear Business Corp. (Coastal First Nations) and Canada Blossom Investments, who jointly financed the construction of Coastal Shellfish’s state-of-the-art hatchery in 2011/12.
The new funding will enable Coastal Shellfish to expand its hatchery, located in Prince Rupert, as well as its scallop farming operations on the North Coast of BC. Coastal Shellfish expects to be harvesting 10–15 million scallops annually by 2016–17. This will result in a significant number of new permanent jobs for Aboriginal people from the Coastal First Nations communities.
As part of the CAPE Fund’s investment, its Managing Director, Peter Forton, is on the board of directors of Coastal Shellfish Corp. “CAPE Fund is extremely pleased to be a partner in Coastal Shellfish and supports the management in continuing to build the Company into a global shellfish aquaculture leader for the benefit of its stakeholders and particularly for the Aboriginal communities of Coastal British Columbia”, said Mr. Forton.
CAPE Fund is a $50 million private-sector investment fund founded by the family of the Right Honourable Paul Martin and 21 of Canada’s leading companies, individuals and international foundations, whose visionary leadership has supported the creation of the Fund and its novel approach to encourage increased Aboriginal participation in Canada’s economy.
CAPE Fund is focused on mid-market opportunities with a strong degree of Aboriginal involvement and connection to Aboriginal communities throughout Canada. CAPE Fund’s mission is to further a culture of economic independence, ownership, entrepreneurship, and enterprise management among Aboriginal peoples, on or off reserve through the creation and growth of successful businesses. For more information, including a complete list of disclosed investors, please visit www.capefund.ca
Coastal Shellfish LP
206–100 McBride St. Prince Rupert, BC
V8J 3E8, CANADA