Gigante Salmon calls extraordinary general meeting ahead of planned private placement
Gigante Salmon has called an extraordinary general meeting for 15 December 2025 as the company moves to secure board authorisation for a planned private placement of new shares to raise up to NOK 300 million ($29.1 million / €25.5 million).
The meeting will be held at the company’s offices in Bodø. The notice and agenda will be distributed to shareholders and published on the company’s website.
In its second quarter report, published on 19 August 2025, Gigante Salmon said it intended to implement improvements to its land based facility based on lessons from the first production cycle and was considering measures to strengthen its financial position by up to NOK 300 million ($29.1 million / €25.5 million), including a private placement. At that time, main shareholder Gigante Havbruk indicated support for subscribing up to NOK 150 million ($14.6 million / €12.8 million).
The company reported a full production cost for the first generation of NOK 70 ($6.79 / €5.95) per kilo HOG and said the experience had reinforced its belief in the business model. Gigante Salmon expects the entire facility at Lille Indre Rosøy in Rødøy to be in full operation during the second quarter of 2026, in line with its production plan.
The board has now decided to proceed with a private placement as the chosen financing route, targeting gross proceeds in the range of NOK 150–300 million ($14.6–29.1 million / €12.8–25.5 million), with planned completion in the first quarter of 2026. Gigante Havbruk has confirmed an intention to participate with up to NOK 150 million ($14.6 million / €12.8 million).
Net proceeds are intended to fund the next phase of the company’s growth, including “necessary and strategically beneficial” facility upgrades, as well as operating expenses and working capital, to improve resilience to salmon price volatility and support profitability.
Pending the private placement, Gigante Havbruk will extend a NOK 25 million ($2.4 million / €2.1 million) loan to Gigante Salmon, providing interim financing to implement planned measures.
At the extraordinary general meeting, the board will seek a new proxy to issue shares. The company noted that at the annual general meeting on 21 May 2025, the board was authorised to issue up to 17,126,359 shares. It now proposes to withdraw that mandate and replace it with a new authorisation to issue up to 43,000,000 shares.
Gigante Salmon is developing a land based salmon farming facility on Lille Indre Rosøy, using a flow through concept that combines elements of conventional and onshore aquaculture.
