Norcod AS
Norwegian cod farming company Norcod AS has announced the successful completion of its latest private placement, securing gross proceeds of approximately NOK 165 million (EUR 14.1m / USD 14.7m) through the allocation of 13,724,225 new shares at NOK 12 per share.
The fresh funding will be used to increase fish production and develop new farming sites. Norcod said it aims to harvest 25,000 tons of cod per year in the medium to long term.
Investors included Canadian frozen seafood company High Liner Foods and Denmark-based frozen seafood firm Sirena Group. High Liner acquired 6.25 million shares for NOK 75 million, having previously invested USD 5 million in Norcod last year.
Meanwhile, Sirena Group, the founding partner of Norcod which also handles the cod farming firm's sales and marketing operations, bought 6.66 million shares, amounting to almost NOK 80 million.
Following the successful fundraise, DNB Bank has agreed to provide Norcod with an additional NOK 130 million in debt financing, which will help finance expansion, Norcod confirmed. DNB Markets, a division of DNB Bank ASA, acted as the sole bookrunner for the private placement.
The company is planning to open four new fish farming sites, each capable of producing around 3,600 tons of cod. In a revised growth strategy and funding plan outlined in a stock exchange announcement on 18 February, Norcod said it is already applying for permits for these sites and has a backup plan to acquire similar locations if needed.
Norcod has also announced a subsequent offering of up to 1,666,666 shares at the same NOK 12 offer price. This will be available to shareholders who held shares as of February 27, 2025, and who were not allocated shares in the private placement.
Norcod said the newly issued shares from the private placement will be registered following an extraordinary general meeting (EGM) scheduled for March 14, 2025, at which shareholders will vote on the approval of the private placement, as well as the proposed subsequent share offering. Trading of the newly allocated shares will begin once approved at the EGM, the company said.
