The company is constructing a flow-through salmon farming facility in Rodøy, just north of the Arctic Circle, with a yearly production capacity of up to 16,000 tonnes HOG.
Gigante Salmon
Norwegian land-based salmon farming company Gigante Salmon AS has successfully completed a recent "subsequent offering" fundraise, which opened on 27 June and concluded on 9 July 2024.
The company announced that it had allocated 2,473,951 new shares at a subscription price of NOK 6.50 per share, resulting in gross proceeds of approximately NOK 16.1 million (EUR 1.4m / USD 1.5m).
SpareBank 1 Markets AS served as the sole manager for the Subsequent Offering, while Advokatfirmaet Selmer AS acted as the legal advisor to the Company.
This latest fundraise follows a private placement completed on 13 June 2024, which taken together mean Gigante Salmon AS has successfully raised a total of NOK 241.1 million (EUR 20.6m / USD 22.4m) in gross proceeds.
The company is constructing a flow-through salmon farming facility in Rodøy, Nordland, just north of the Arctic Circle, with a yearly production capacity of up to 16,000 tonnes HOG.
In March, Gigante Salmon reported that construction costs for the project had increased by approximately NOK 350 million (EUR 30m / USD 33m) over the original estimated cost of the project, to reach NOK 995 million (EUR 85m / USD 93m).
Kjell Lorentsen was re-appointed as CEO of Gigante Salmon in March 2024, replacing Helge E. W. Albertsen.
In an effort to turn around its fortunes, in March 2024 the Gigante Salmon removed CEO Helge E. W. Albertsen from office, replacing him with Group CEO of Gigante Havbruk, Kjell Lorentsen.
Lorentsen was initially brought in as acting CEO of Gigante Salmon, but in April 2024 the company announced that he would now be "transitioning into the role on a permanent basis."
"Kjell Lorentsen was CEO in the Company from its establishment until September 2021 and has been a member of the Company's non-executive board. He has through his role as CEO and acting CEO convinced the board of directors that he has the experience, the decisiveness, the vision and the ambition to drive the further development of the Company," Gigante Salmon said in a statement to the Oslo Børs stock exchange.
The company also announced changes to its board of directors, bringing in former CEO and President of Aker Seafoods ASA Liv Monica Stubholt as its new Chairperson.
Stubholt is a lawyer, currently working partner at the law firm Advokatfirmaet Selmer, which advised Gigante Salmon on its recent fundraise, and is a former politician who served as Norway's deputy minister of Foreign Affairs from 2005 to 2007.
"Stubholt is strongly committed to developing the legal dimension of sustainability. She was instrumental in developing Arctic Economic Council and she has served on the international board of the World Ocean Council. This has provided her with expertise in geopolitics, business development in the north, the EEA agreement and Norway's cooperation with the EU," the company said.
Other new board members include financial expert Iselin Tenfjord, whose appointment Gigante Salmon said aimed to "strengthen the Company's financial expertise, improve investor relations, and ensure effective management", and experienced aquaculture industry executive Dagfinn Eliassen, which the company said "brings operational experience and insights from the aquaculture industry".