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The Florida-based company is continuing talks with investors on a broader refinancing solution.

The Florida-based company has received backing for a short-term loan as it works to avoid breaching loan agreements and restructure its finances.

The salmon producer is in discussions with major shareholders after increasing its funding requirement to between $25-30 million, with a 31 March deadline to secure a deal.

Despite reporting progress in production and efficiency, the Florida land-based salmon producer says it needs fresh capital of up to $25 million to support its near-term plans.

“Our operations continue to perform consistently, with stable biology, strong fish health, and improving production efficiency across all systems," said CEO Pedro Courard.

The fully subscribed financing package is intended to support operations through to Phase 1 break-even by late 2026.