Norcod completes announced NOK 100 million private placement

After considering a bond issue following its Q4 2025 operating report, on the last day of April, Norcod announced that, to ensure further growth, it had updated its funding plan, opting for a NOK 100 million private placement expected to take place during the second quarter of 2026, and new debt financing. The first of these measures, the private placement, was successfully completed yesterday.

Thus, in a statement sent to the Oslo stock exchange last night, May 12, the Norwegian cod farmer reported that the Board of Directors had resolved to allocate 8,508,577 shares at a subscription price of NOK 10 per share, obtaining gross revenues of NOK 85,085,772.

This amount, together with the shareholder loan from Jerónimo Martins Agro-Alimentar S.A.—which acquired an 18% ownership stake in Norcod in November 2025—for approximately NOK 15 million, equals the total of about NOK 100 million the company wanted to raise.

The Norwegian aquaculture company also said that the pre-committing investors—ArthaScope Kapitalforvaltning A/S, High Liner Foods and Sirena Group AS, in addition to Jerónimo Martins Agro-Alimentar S.A. itself, which, in addition to providing the shareholder loan, has also subscribed to offer shares—have received full allocation of their pre-commitments.

The offering shares, other than those allocated to ArthaScope Kapitalforvaltning, High Liner Foods and Sirena Group, are expected to be settled by DVP (delivery versus payment) around May 29, 2026, by delivery of existing and unencumbered shares of the company already listed on Euronext Growth Oslo.

The coordinator, which in this case is DNB Carnegie—part of DNB Bank—will settle the share loan with new shares whose issuance will be approved at the extraordinary general meeting of the company scheduled to be held around May 27, 2026.

Following the registration of the capital increase related to the private placement in the Norwegian Register of Business Enterprises, the cod farming company will have a registered share capital of NOK 39,437,802 divided into 78,875,604 shares, each with a nominal value of NOK 0.50.

Likewise, Norcod announced yesterday—and has confirmed today through a correction note—its intention to carry out a subsequent repair offering of up to 1,000,000 new shares at the same offer price of NOK 10 to existing shareholders of the company as of May 11, 2026, who were excluded from the private placement.

As WeAreAquaculture previously reported, in addition to this private placement, Norcod's updated funding plan also includes obtaining up to NOK 170 million in new debt financing that will be secured in two ways: through the expansion of existing credit lines at DNB Bank ASA, and through a new loan from Innovation Norway for an amount of NOK 50 million.

Norcod will use the net proceeds from the private placement, along with the net proceeds from the new debt commitment and operational cash flow, to support its continued growth and upscaling strategy, including scaling up biomass, and for general corporate purposes.