9 times oversubscribed, Salmon Evolution successfully lands €47 million private placement

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Strong interest for land-based.

In a post on the Olso Stock Exchange, land-based salmon farmer Salmon Evolution writes that its private placement has been successfully placed through the allocation of 100 million shares at a price of NOK 5 per share, raising gross proceeds of EUR 47 million.

“This attracted very strong interest from Norwegian, Nordic and international high-quality institutional investors and was more than 9 times oversubscribed excluding shares pre-allocated to cornerstone investors,” it wrote.

The net proceeds from the private placement will be used to partly fund the first construction phase of the company’s land-based salmon farming facility at Indre Harøy, Western Norway, and further develop the project.

The company will have 219,731,088 shares outstanding following the Private Placement. Salmon Evolution has applied for, and expects, having its shares admitted to trading on Merkur Market. The first day of trading on Merkur Market is expected to be shortly after completion of the private placement and is currently anticipated to be on or about 18 September.

Seafood giant Dongwon announced that it invested in Salmon Evolution in late July, with a South Korean-based 20,000 tonnes land-based salmon farm expected to begin construction within the year.