Grieg-backed Japan land-based salmon farmer seeks €40 million in private placement

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The net proceeds will be used to start construction of phase 1 of Proximar’s first land-based salmon farming facility at Mount Fuji,  Japan.

In a statement on Thursday morning, Proximar Seafood writes that it has engaged ABG Sundal Collier and Pareto Securities as joint global coordinators and joint bookrunners to advise on and effect a contemplated private placement of 24,691,360 new shares in the company.

This is at a subscription price of NOK 16.20 per share, raising gross proceeds of EUR 40 million and admission to trading of the company’s shares on the Oslo Stock Exchange.

“This private placement is an important milestone for the company, bringing us one step closer to our goal of serving fresh Atlantic salmon to the Japanese market on the same day as harvest”, said CEO Proximar Seafood Joachim Nielsen.

“Our location at the foot of Mount Fuji, in close proximity to one of the world’s most important fish markets, implies significant advantages, both in terms of reduced cost and reduced carbon footprint,” he said.

Construction of the phase 1 facility is expected to commence in Q1 2021, be completed during the first half of 2023, have its first harvest during the first half of 2024. The site will have an annual volume of approximately 5,300 tonnes at full capacity. In addition to the Phase 1 facility, Proximar has expansion plans of approximately 21,100 tonnes in a land area adjacent to the site.

The largest owner in Proximar Seafood is Per Grieg Jr. and his family, with 31 per-cent of the shares. Nutreco are among the new shareholders signalling their interest.

CEO Joachim Nielsen and CFO Pål K. Grimsrud . PHOTO: Proximar

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