Norcod completes a private placement of NOK 170 million

Norcod AS has announced the completion of a private placement totaling NOK 170 million (around USD 16 million) led by shareholders Artha and Sirena Group. According to the company, it was executed at a rate of 12 NOK per share, resulting in the issuance of 14.17 million new shares.

Additionally, the Norwegian cod farmer has revealed that the "new high-quality long-term industrial investor" who confirmed it will participate in the private placement with a total of NOK 52.4 million is High Liner Foods.

The Nova Scotia-based company will receive approximately 10% share ownership and a place on the board, assumed by Paul Jewer, President & CEO of High Liner Foods.

The CEO of Norcod, Christian Riber, CEO of Norcod, commented about the completion of the private placement and High Liner Foods partnership: "We are very satisfied on how we have executed the private placement and have achieved to raise the targeted capital. It demonstrates the confidence our investors, existing as well as new ones, have in Norcod's strategic direction and growth potential."

"We are excited about the opportunities this partnership and collaboration brings, especially in strengthening our position in the North American market," he added.

Finally, he noted what means the incorporation of High Liner Foods President: "Paul Jewer's presence on Norcod's board also strengthens our confidence towards the future, where we aim to be a key player in the global seafood industry. Expansion in the North American markets plays a pivotal role in achieving this objective."