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Friday / June 14. 2024
HomeLive StockAcquacultureAtlantic Sapphire raises $55 million in share issue

Atlantic Sapphire raises $55 million in share issue

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.

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