Nordic Aqua Partners has raised NOK 350 million ($33 million) to fund the second phase of its land-based salmon farming facility in Ningbo, China, through the issuance of 4.67 million new shares.
The private placement was priced at NOK 75 per share, representing an 18% discount from the company’s closing price of NOK 91.50 on Thursday.
The funds will be used to finance construction, address a geosmin quality issue, and build working capital for general corporate purposes.
In addition to the private placement, Nordic Aqua announced a subsequent offering for existing shareholders, also priced at NOK 75 per share.
Nordic Aqua has emphasised that the subsequent offering will proceed depending on the prevailing market price of its shares. If the market price falls below the offer price, the board retains the discretion to cancel the offering.
