Land-based producer Proximar seeks a further $2.5 million as costs mount

by
Editorial Staff

The offering is scheduled to open on January 30, 2024, and close on February 6, 2024.

Japan-based land-based salmon farmer Proximar is looking to raise another NOK 25 million ($2.5 million) in further capital through an offering of up to 12.5 million shares at a price of NOK 2 each.

The subsequent offering from the Oslo-listed company follows a successful private placement in December 2023.

The proceeds are earmarked to address rising operational expenses, financing costs, and heightened capital expenditure (CAPEX)., according to a stock exchange notification from the company on Thursday 25 January.

ABG Sundal Collier and Pareto Securities are acting as managers in the offering, and law firm Thommessen is the legal advisor.

The offering is scheduled to open on January 30, 2024, and close on February 6, 2024.

Proximar has been constructing a land-based salmon farm near Tokyo since March 2021, with the initial batch of fish introduced to the hatchery in October. The company is planning an annual harvest of 5,300 metric tons of Atlantic salmon in its first phase and anticipates its initial harvest in the third quarter of 2024.

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