Proximar Seafood has announced that it has successfully raised NOK 250 million in a new convertible bond (the "Convertible Bond"). Reference is made to the stock exchange notices published on 5, 6, 12, and 17 October 2022
In more detail, the settlement of the Convertible Bond is expected to be 27th of October 2022. Additionally, NOK 50 million will be raised through an increase of the existing debt facility with JA Mitsui Leasing Ltd. It will bring total new financing to NOK 300 million.
Besides, the Convertible Bond has a tenor of 3 years. Also, a fixed coupon of 7%, and a conversion price of NOK 5 per share. Therefore, the company will take ownership of the hatchery and nursery in the short term. Furthermore, finance project expenditures through Q1 2023.
Shareholders will meet next Tuesday to obtain a shareholder resolution to make the Convertible Bond convertible into shares in the Company. ABG Sundal Collier ASA and Pareto Securities AS acted as managers and joint book runners for the transaction.
Proximar Seafood is a Norwegian land-based salmon farming company. Its first production facility is under construction at the foot of Mount Fuji in Japan.
Through land-based fish farming, using high-quality groundwater secured close to Mount Fuji, the company will produce fresh Atlantic Salmon, harvested the same day.
The target capacity is an annual head-on-gutted (HOG) volume of 5,300 tonnes and the first harvest is expected in the first half of 2024.
Proximar's location, near one of the world's most important fish markets, implies significant advantages, both in terms of reduced cost and carbon footprint.