A week ago, Norcod announced that it was seeking an investment of between NOK 125-175 million a week ago, however, it has been able to set a more favorable deal. The Norwegian company has raised more than NOK 190 million (EUR 18.867 million) in a private placement.
Despite the difficult market conditions, the shareholders are confident in the long term of the cod farming industry as well as the progress that the Norwegian company has made in recent years.
These net proceeds from the private placement will be used to increase the company's capabilities. The plan is to increase biomass and develop two new locations and support general corporate purposes.
In recent years, Norcod has achieved important milestones, such as being the first cod producer to successfully produce on an industrial scale and revive the industry. So, this placement is an important step forward for the business in ensuring long-term sustainability and growth.
"Raising more than NOK 190m in a challenging market is a great achievement for Norcod, and we are grateful for the continued support of our existing shareholders." Said CEO Christian Riber. "With this new injection of funds, Norcod is well-positioned to further expand its operations and cement its position as a leader in the Norwegian cod farming industry. This is a clear indication of the market's confidence in Norcod and its ability to deliver on its growth plans."
Norcod AS's core business is commercial sea farming of cod but through ownership and partnerships is involved in the entire value chain. Norcod's existing fish farms are located in Mid-Norway with ideal conditions for cod. The company is contributing to blue ocean value creation with minimal impact on the environment while supporting local communities. The company is listed on Oslo's Euronext Growth market.