Proximar Seafood has raised NOK 150 million in a fully subscribed rights issue, shortly after reporting continued operational progress at its land-based salmon facility in Oyama, Japan.
Proximar said the fundraising, completed on 6 October, consisted of 150 million new shares priced at NOK 1 each. Around one-third of the shares were taken up by existing shareholders through subscription rights, while the remainder were allocated to underwriters who guaranteed the issue. The underwriters will also receive 13.5 million additional shares as commission.
Following the capital increase, the company’s share capital will rise to NOK 31.99 million, divided into 319.9 million shares, with the new shares expected to begin trading on Euronext Oslo Børs from 14 October.
Proximar announced its plans for its equity raise in July as part of its refinancing strategy, with CEO Joachim Nielsen describing it at the time as “a financial solution that secures increased flexibility and a stronger capital structure.”
The financial news comes shortly after the land-based salmon farming company released its Q3 production update, confirming a standing biomass of 1,389 tonnes, up from 1,294 tonnes at the end of the second quarter, when the company had seen reduced capacity due to biofilter incidents and subsequent repairs.
The company harvested 356 tonnes (HOG) during the third quarter, bringing the total harvest for the year to around 1,000 tonnes. It now has approximately 2.2 million Atlantic salmon across 21 batches in production.
However, growth during the period was, according to the company, “negatively impacted by an increased number of starvation days” linked to the transfer of fish to its final production module, which has now been brought into operation. Proximar said its feeding system “is not yet fully optimised” but that several improvements had already been implemented, leading to better performance.
Despite these disruptions, the company reported strong fish quality, with 99.2% of the harvest categorised as superior grade. Average harvest weight was 2.33 kg (HOG). The company achieved an average net selling price of NOK 64 per kilogram in the quarter, which it said was affected by weaker market prices, a larger share of smaller fish and a weaker Japanese yen . For larger fish over 3 kg, Proximar achieved NOK 94 per kilogram, which it claims "still shows a solid price premium compared to imported salmon from Norway in the quarter."
Chief executive Joachim Nielsen said the company expected performance to improve in the coming months as operations stabilise. “The production growth and harvest in the third quarter were affected by extensive fish transfers and some issues related to the feeding system and feed distribution. On the positive side, we continue to see low mortality and high superior share in our harvest,” he said.
“With all modules up and running and improved conditions, we therefore expect growth rates to increase and gradually bring the harvested fish back to a market size of 3 kg+. Price realisation for this category is solid, and we remain optimistic about our earnings potential going forward," Nielsen added.
Proximar Seafood's full third quarter report will be released on 14 November 2025.