Gigante Salmon prepares major private placement to fund facility upgrades

Norwegian land-based salmon farming company Gigante Salmon has announced it plans to launch a private placement in the first quarter of 2026, aiming to raise NOK 150–300 million, equivalent to roughly EUR 12.7–25.4 million or USD 13.7–27.4 million.

The fundraise follows the news, announced last month, that Gigante Salmon had secured an additional NOK 100 million financing from SpareBank1 Nord-Norge for the ongoing construction of its flow-through salmon farming facility in Rodøy, Nordland, just north of the Arctic Circle.

The company said the proposed private placement early next year will support the next stage of development at its land-based farm, including upgrades identified after the first production cycle and measures designed to improve both fish welfare and operational performance.

"The first generation provided a production cost (full cost) of NOK 70 per kilo HOG. The experience has strengthened the Company's belief in the business model, and the Company maintains its strategy with a focus on value creation and positive shareprice development for the benefit of shareholders," the company said in a stock market announcement.

"Gigante Salmon expects to have the entire production facility in full operation during the second quarter of 2026, in line with the Company's production plan," it stated.

Gigante Havbruk AS, the land-based aquaculture company's main shareholder, has indicated it will subscribe for up to NOK 150 million in the upcoming share issue. Ahead of the placement, it will also extend a NOK 25 million loan to ensure progress on planned improvements.

Gigante Salmon said that part of the net proceeds will be used for operating expenses and working capital to increase its resilience to fluctuations in salmon prices.

The plan will be voted on by shareholders at an extraordinary general meeting on 15 December.

Gigante Salmon also announced in November that it has appointed a new Chief Financial Officer. Benny Hansen will take over from take over from the current CFO, Rune Johansen, in February.