Seafarms Group is seeking to raise $105 million to progress a large-scale prawn project on Australia’s far-north coast.

The capital raising will be underpinned by Perth businessman Ian Trahar, who is Seafarms’ biggest shareholder and executive chairman. He has been pushing the company’s “project sea dragon” for almost a decade and is closing in on a dream of creating a major new industry near the town of Kununurra in Western Australia.