Proximar Seafood raises additional $13.5M for farm construction
December 18, 2023 By RAStech staff
Norwegian aquaculture company, Proximar Seafood, has raised an extra NOK 140 million (US$13.5 million) through a private placement to cover the extra costs associated with constructing its land-based salmon farm in Japan.
The company has incurred increasing costs due to the construction of its land-based recirculating aquaculture system (RAS) salmon farm near Mount Fuji in Japan.
According to a report by WeAreAquaculture, the company announced to the Oslo stock market, that its board of directors had “conditionally allocated 70 million new shares in the Private Placement each at a subscription price of NOK 2.00 per Offer Share,” to raise a total of NOK 140 million.
In its Q3 report, Proximar said it would seek an additional NOK 165 million (US$15.9 million) over the coming period.
“The net proceeds to the Company from the Private Placement will be used to cover higher expected operational costs, financing costs and increased CAPEX as further detailed in relation to the Q3 reporting by the Company on 10 November 2023 and in a stock exchange announcement on 7 December 2023,” the company said in a statement.
The issue is subject to approval at an extraordinary general meeting which will be held in early January.
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