Land-based salmon-farming company Proximar Seafood is planning a private placement to issue new bonds due in 2029 of up to NOK 250 million (USD 25.8 million, EUR 22.6 million).
Proximar Seafood is operating a land-based salmon recirculating aquaculture system (RAS) in Yokohama, Japan. The company harvested its first fish at the facility in October 2024 and, since that time, has reached its biomass target at its facility, with plans to harvest 4,000 metric tons (MT) of head-on gutted (HOG) salmon per year.
In an announcement to the Oslo Børs, the company said it is seeking additional support from investors through a private placement to fund working capital and operations and to strengthen its liquidity buffer.
“We are pleased with the continued support from our banks and investors, which secures our near-term liquidity and allows us to keep full attention on operations,” Proximar Seafood CEO Joachim Nielsen said in the release. “Our priority remains a stable supply of fish above 3 kilos, which together with our attractive investment cost and operating cost advantages leaves us well-positioned for strong margins. We are confident that our recent positive operational development keeps us well on track to reach profitable operations.”
The company announced on 20 July that it was planning an extraordinary general meeting for 3 August to issue the private placement and, in the announcement, said part of the proceeds of the fundraise will go to address a request from Proximar Seafood’s banks to strengthen its liquidity buffer in connection with the waiver of a sales covenant under its syndicated bank loan.
“It is of material importance to the company that new capital is raised within a short time frame in order to satisfy this condition and secure continued support from the company’s banks,” the company said.
In early July, the company said the company harvested 725 MT of HOG salmon in Q2 2026 and said feeding had been impacted by elevated turbidity it said was likely caused by “operational parameters.”
“Turbidity levels have since improved and are no longer restricting feeding, with appetite developing positively,” the company said.
Proximar said it continues to have “constructive dialogue and support” from its banks and is working to secure a potential 12-month extension of a NOK 586 million (USD 60.5 million, EUR 53 million) bank loan, which is maturing in August.
