Land-based salmon farmer successfully raises $13.4 million

by
Editorial Staff

Proximar Seafood has made a private placement of 70,000,000 shares at a price of NOK 2, bringing in proceeds of NOK 140 million ($13.4 million).

Land-based salmon farmer Proximar Seafood has successfully raised NOK 140 million in fresh capital through a share issue.

The subscription process for the Japan-based producer was managed by stockbrokers Pareto and ABG Sundal Collier and concluded shortly after midnight, resulting in the distribution of 70 million new shares at a subscription price of NOK 2 per share.

The proceeds from this share issue will be utilized to cover increased expected operational costs, financing costs, and higher operational investments, as outlined in the company’s third-quarter report released on November 10, 2023, and a stock exchange notice dated December 7, 2023.

This pricing represents a 24% discount from Proximar’s Thursday trading price of NOK 2.63, reflecting a significant issue discount for investors.

Grieg Kapital, the Grieg Groups investment company, has subscribed to 15.5 million shares in this issue. Several company insiders, including the CEO Joachim Nilsen, CFO Ole Chr. Willumsen, and COO Dharma Rajeswaran, have also participated, reflecting confidence in the company’s direction and strategy.

In a separate announcement made on Thursday, it was also revealed that Anders Ombustvedt will be stepping down as a board member of Proximar Seafood with immediate effect, due to personal reasons.

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