Land-based salmon producer Atlantic Sapphire ASA raised approximately NOK 1.23 billion (USD 125.5 million, EUR 119.3 million) in gross proceeds through a new private placement of 60,060,976 new shares, at a price of NOK 20.50 (USD 2.09, EUR 1.99) each.
Net proceeds will be used to fully fund the estimated remaining equity financing of Atlantic Sapphire’s phase-two development in the United States, repay a debt facility of USD 25 million (EUR 2.6 million), and for general corporate purposes, the company advised in a filing with Oslo Bors.
The private placement was carried out on the basis of an accelerated bookbuilding process managed by DNB Markets as sole global coordinator, and Arctic Securities AS as joint bookrunner.
Atlantic Sapphire has remained bullish on its prospects to farm over 200,000 metric tons of salmon at its recirculating aquaculture system facility in Miami, Florida, U.S.A. despite multiple setbacks, including mass-mortality events and a devastating fire at its facility in Denmark.
Since the fire, the company secured a USD 25.5 million (EUR 24.2 million) insurance payout, which it said it is allocating to its U.S. operations and construction.
The company has already completed its phase-one construction in Miami, which provides the capacity to harvest approximately 9,500 metric tons (MT) of salmon annually. The second phase of its expansion will raise the farm's total annual production capacity to 25,000 MT, and it has a targeted harvest volume of 220,000 MT by 2031.
Its first commercial U.S. harvest took place in September 2020.
Photo courtesy of Atlantic Sapphire
