Andfjord Salmon raises €8.2 million in private placement

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2.1m shares at NOK 42 each, EUR 8.2 million raised.

Shortly after the Oslo Stock Exchange closed on Tuesday, the land-based salmon farmer Andfjord Salmon announced that it was contemplating a private placement of between 1,500,000 and 2,100,000 new shares in a book-building process.

The company said that it intends to use the net proceeds from the private placement to fast-track the development of the project by moving the planned investments in blasting and excavation work six months forward and for general corporate purposes.

The ambition is to develop phase 2 at its site in Andoy, Northern Norway, to expand capacity from 1,000 to 10,000 tonnes MAB (maximum allowed biomass), equivalent to a target production volume of 12,500 tonnes.

The company raised EUR 8.2 million in new equity, through the allocation of 2,100,000 new shares. The issue price was set at NOK 42, according to an Oslo Stock Exchange announcement early on Wednesday morning.

“The private placement attracted strong interest from existing shareholders in the company and high-quality institutional investors,” the stock exchange announcement stated.

Among those who signed up for the issue were board members Kim Strandenæs and Tore Traaseth, as well as Chief Financial Officer Helge Krøgenes.