Andfjord Salmon raises €14 million – speeds up construction plans

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Andfjord Salmon shares now oversubscribed.

On Wednesday, Andfjord Salmon announced that it would raise EUR 11.5 million in fresh capital. Andfjord Salmon, which is currently listed on the OTC list for unlisted shares, also plans to list the stock at the Oslo Stock Market’s Merkur Markets. The first trading day there will be 22. June.

In a message on Friday morning, Andfjord Salmon reported that it was pleased to announce that the private placement has been completed and that the company has raised EUR 13.8 million. According to the company, interest was strong from institutional investors, which is why the capital raising was raised from EUR 11.5 million to EUR 13.8 million.

According to Andfjord Salmon, a total of 3,750,000 shares were issued at NOK 40 per share.

The net proceeds from the private issue will primarily be used to invest in the company’s closed-sea facility at Kvalnes, Northern Norway, and expansions to new areas.

Andfjord Salmon aims to produce thousands of tonnes of salmon in a closed-sea facility filled with cold, lice-free seawater.

The plan was to start the next stage of construction in the first half of 2021, but Andfjord Salmon is now accelerating these plans.

“The issue means that we can now start at the next phase. This applies not only to the next ten pools at Kvalnes, but also regulation and facilitation of our areas at Fiskenes and Breivik. In total, we have ambitions to achieve 70,000 tonnes of MTB, in a total of three locations on Andøy,” said Helge Krøgenes, senior vice president for financing and business development, in a press release on the company’s website.