Land-based salmon farmer’s share offer falls flat; raises just $550,000
Land-based salmon farmer Gigante has raised just over NOK 6 million ($550,000) with a share issue, it announced on Wednesday.
The company, which is building a 16,000 ton capacity land-based fish farm in Norway, had offereed 2,777,777 new shares, each priced at NOK 7.2 per share, for a total of NOK 20 million ($1.8 million).
It received subscriptions for just 840,445 shares, under a third of the number on offer.
Payment for the offer shares is due by November 21, 2023. Assuming timely and proper payment by the subscribers, the share capital increase related to the offer shares is anticipated to be registered in the Norwegian Register of Business Enterprises around November 24, 2023.
The Subsequent Offering was managed by SpareBank 1 Markets and SpareBank 1 Nord-Norge, with legal counsel provided by Advokatfirmaet Haavind.