Norwegian farmer, Salmon Evolution, has raised NOK 365 million (€32.13 million) to fund the second phase of an expansion of its land-based facility at Indre Harøy.
The company had originally aimed to raised NOK 350 million (€30.81 million) through the sale of shares in a private placement brokered by Arctic Securities, DNB Markets and Nordea Bank.
In a statement Salmon Evolution said it sold 48,666,666 new shares at a price of NOK 7.50 (€0.66) per share.
The company has also extended an existing loan by NOK 675 million (€59.41 million) to NOK 2,225 million (€195.84 million) to help fund the expansion.
“Together with the private placement, the total commitments under the bank facility are currently estimated to fully fund the phase 2 build-out at Indre Harøy, with a buffer,” said a statement.
After two years in operation and six batches successfully harvested in phase 1, Salmon Evolution says it has revised the plan for phase 2, which it estimates will add another 10,100t HOG capacity to the current phase 1 capacity of 7,900t HOG.
This increase in planned output from phase 2 will be achieved through added tank capacity using existing infrastructure.
The currently estimated capital expenditure for the improved phase 2 at Indre Harøy is NOK 2,200 million (€193.64 million) in addition to NOK 200 million (€17.60 million) in project contingency, and includes the added tank capacity expenditure currently estimated at approximately NOK 350 million (€30.81 million).
