NR Icelandic subsidiary Arctic Fish has engaged DNB Markets, Pareto Securities and Arion Banki as facilitators for a EUR 60 million share issue.
In a statement on the Oslo Stock Exchange, Arctic Fish writes that 5.7 million shares are being offered for gross proceeds of EUR 35 million, and a further 3.3 million shares owned by Bremesco Holding, equivalent to EUR 20 million. The company may choose to print an additional 816,993 shares equal to nine per-cent of the total outstanding shares.
The net proceeds will mainly be used to fund growth and develop the company’s value chain within existing license portfolio, including investment in the expansion of smolt capacity, farming equipment, biomass build-up, processing initiatives, to increase the value chain capacity in the expectation of receiving additional license capacity and for general corporate purposes.
The price per share in the private placement has been set to NOK 61.20. This is equivalent to a pre-money equity value of the company of approximately EUR 156 million based on the 27,157,968 shares currently outstanding in Artic Fish.
Two of the company’s existing shareholders have pre-committed to subscribe for shares for a total amount of EUR 24 million. Including Norway Royal Salmon (EUR 20 million) from fish farmer and processor Novo (EUR 4.3 million). In
addition, Arctic Fish CFO Neil Shiran Thorisson has pre-committed to subscribe for EUR 4 million. “Certain other members of the management and board” have signed up for EUR 0.4 million. In addition, four so-called “cornerstone investors” have been offered shares for EUR 0.9 million.
Subject to successful completion, Arctic Fish expects it will have its shares admitted to the Oslo Stock Exchange on the 19th February.