Atlantic Sapphire ramping up construction in Miami, raises $90 million in just 29 minutes in stock sale

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Florida land-based salmon farmer engaged the brokerage houses Arctic Securities and DNB Market in the hunt for money.

The stock sale is aimed at Norwegian and international institutional investors, and amounts to NOK 783 million, corresponding to USD 90 million (EUR 80 million) This corresponds to a dilution of 13 per cent of the company’s outstanding capital. Atlantic Sapphire announced this in a stock exchange announcement on Tuesday afternoon.

It took the brokers 29 minutes to get all the funds.

The stock sale follows “considerable interest and demand”, and was be set at NOK 92.50 per share.

The fresh funds will go towards ramping up construction of stage 2 in Florida, including potential real estate purchases (USD 365 million), repayment of mortgage loans (EUR 13.7 million), upgrades and cost overruns (EUR 13.2 million) and higher equity ratio for financing stage 2 (EUR 13.7 million).

Several of the company’s leading investors have already subscribed to the sale, including Vatne Equity ( EUR 1.3 million), ASInvest, controlled by AndrĂ© Skarbø (EUR 803,000), and board member Alexander Reus (EUR 892,000).