The company intends to use the proceeds to achieve steady production levels and profitability in Phase 1 of its flagship Florida RAS, which is designed to produce up to 9,500 tonnes of gutted salmon a year
Land-based salmon farmer Atlantic Sapphire has raised $55 million gross with a private placement of shares, which is $5 m more than originally planned.
“The deal size in the private placement was up-sized based on strong investor demand from the initially announced NOK equivalent of $50 million,” Florida-based Atlantic Sapphire said in a market announcement.
The company intends to use the proceeds to achieve steady production levels and profitability in Phase 1 of its flagship Florida RAS, which is designed to produce up to 9,500 tonnes of gutted salmon a year. Meanwhile, any remaining funds may be used for the company’s second phase, which aims to bring capacity up to 25,000 tonnes a year.
Nordlaks, one of Norway’s largest salmon producers, which already owned a 4.77 per cent stake in the company, was the largest investor in the new round, buying shares worth $10 million. Another notable investor from the aquaculture world was Blue Future Holding, part of the group that owns AquaGen and GenoMar, which bought shares worth $4.65 million
Atlantic Sapphire’s board has also adopted an intention to carry out a subsequent offer of up to 20 million new shares with gross proceeds of up to $9.3 million.
