Proximar Seafood has secured JPY 1 billion ($7 million) in additional bank loan facilities, the company announced on 17 September 2024.
The loans, provided by two Japanese banks, will be used for working capital and liquidity as the company approaches its first sales.
The loans are second lien, offered on favorable terms, with a maturity of three years. One loan, worth JPY 500 million, will be disbursed on 20 September, while the second JPY 500 million credit facility will become available by the end of the month.
Proximar also confirmed that its first trial harvest will take place on 30 September, with daily harvesting set to begin in the fourth quarter.
The company, headquartered in Norway, operates its first land-based salmon farming facility near Mount Fuji, Japan.
