Atlantic Sapphire is selling approximately $125 million in new shares via private placement to raise funds for Phase 2 of its Miami land-based salmon operations and repay $25 million in debt.
It has retained DNB Markets to advise on and effect a private placement directed towards Norwegian and international investors.
A number of investors have already subscribed for the issue, among them is Nordlaks Holding, one of the biggest privately owned salmon farmers in Norway. Nordlaks has pre-committed for NOK 150 million ($15.2 million).
The company expects the proceeds from the private placement to fully fund Phase 2 of its Miami operations. Phase 2 will boost Atlantic Sapphire’s Miami harvest to 25,000 tonnes HOG annually.
The current Phase 2 capex estimate is $275-300 million, of which $70 million has been invested as of H1 2022. The company admits there is uncertainty about the capex estimate “due to value chain disturbances and inflationary pressures.”
![](https://salmonbusiness.com/wp-content/uploads/2022/06/282216168_504062654845967_6949413863706690564_n.png)
“The company decides when and how funds should be deployed towards Phase 2. Quality and cost optimization will be prioritized over speed when completing the Phase 2 construction,” it said.
The subscription price will be decided on the basis of a book-building process. The share register will be closed no later than 0800 am CET on Wednesday.