Proximar Seafood raises NOK 400 million through private share placement

Published on
January 26, 2021

Proximar Seafood recorded a successful private placement on 25 January, selling 24,691,360 new shares in the company at NOK 16.20 (USD 1.92, EUR 1.58) per share, raising gross proceeds of NOK 400 million (USD 47.3 million, EUR 39 million).

The Bergen, Norway-based, which is seeking to build a recirculating aquaculture system facility near Mt. Fuji in Japan, has also applied for admission to trading on Euronext Growth Oslo.

“The private placement attracted very strong interest from Norwegian, Nordic, and international high-quality institutional investors and family offices and was more than 10 times oversubscribed, excluding shares pre-allocated to Nutreco International B.V. and cornerstone investors,” the company said in a release.

Besides Nutreco, one of the world’s largest animal nutrition and aquafeed producers, Proximar’s other significant investors include the family of Grieg Seafood founder Per Grieg, and DNB Asset Management AS, a significant underwriter of the seafood industry.

“We are excited about the significant investor interest and support for Proximar,” Proximar Seafood CEO Joachim Nielsen said. “We are now on track and will commence construction of the facility over the next months, bringing us one step closer to serving fresh Atlantic salmon on Japanese dinner plates on the same day as harvest.”

The net proceeds from the private placement will be dedicated to commencing construction on the RAS facility in Yama, Japan, and for general corporate purposes, the company said. The completion of the private placement is subject to the approval of shareholders at the firm’s next general meeting, taking place 28 January, 2021.

In a previous notice, Proximar warned that proceeds from the private placement are “not sufficient to fully finance the construction of the Phase 1 facility and the company thus relies on further financing.”

With the placement, Proximar now has a share capital of NOK 3,978,765 (USD 466,110, EUR 383,347), divided into 39,787,650 shares, each with a nominal value of NOK 0.10 (USD 0.01, EUR 0.009).

The company’s first day of trading on Euronext Growth Oslo is expected to take place on or around 3 February, 2021, pending the completion of the private placement process.

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