New Issue: Neptune Industries plans $2 million convertible sale

New York, April 20 - Neptune Industries, Inc. said it is planning a $2 million offering of convertible debt, to be sold as a private placement.

The Boca Raton, Fla.-based fish farming company has hired Dawson James Securities, Inc. as placement agent to sell the securities on a best efforts basis.

Proceeds will be used to develop the company's aquaculture technology for marketing, to develop a second production site and to complete the first phase of the expansion of the company's Blue Heron Aqua Farms site.

Neptune stock (OTC Bulletin Board: NPDI) closed at $0.35 Thursday.

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