Norcod is to benefit from a US$5 million cash injection from North American frozen seafood company, High Liner Foods.
The investment is in return for around 10% of the company and nomination rights for a director to serve on Norcod’s board. The deal is part of a larger capital raise by Norcod which will close later this month.
“Today’s investment is a small but important step forward in our strategy to position High Liner Foods for the next chapter of leadership and growth,” said Paul Jewer, president and chief executive at High Liner Foods.
High Liner Foods says the investment will provide an opportunity for its shareholders to benefit from the growing cod aquaculture market.
“We welcome the opportunity to support, and help shape, the bold, innovative work underway to lead the future of sustainable cod farming as a source of premium seafood for North America and markets around the world,” said Jewer.
Norcod has proven production across three cycles and operates six farming sites with licences secured to reach a 26,000 mt production capacity.
