Another NOK 100m raised for China RAS project

Nordic Aqua partners has successfully raised around NOK 100m or almost £7.5m for its China project.

The company is developing an initial 4,000 tonne land-based facility near the city of Shanghai, with the first stage due to be completed by next spring.

The fresh capital was raised by printing 1,434,721 new shares at a 5.8% discount price of NOK 69.70.

The company said net proceeds from the private placement will be used to increase operational flexibility and establish a financial buffer.

Certain existing investors in the company have pre-committed to subscribe into the placement and they include the Israel Corporation Ltd which owns 9.26%, and has agreed to subscribe for NOK 9.23 million at the offer price; Aino Olaisen (Aino AS) a member of the company’s board of directors who owns 1.09%) has pre-committed to subscribe NOK 2.18 million at the Offer Price.

Others include Maringto AS (chairman of the board Atle Eide owns 0.77%) has pre-committed to subscribe for NOK 1.54 million at the offer price while  And Kontrari AS (represented on the Board by Vegard Gjerde  who owns 25.96%) has pre -committed to subscribe for NOK 87.05 million at the offer price.

Meanwhile, Nordic Aqua Partners has reported further progress in the third quarter, saying that overall production went according to plans with fish health remaining strong.

CEO Ragnar Joensen said: “We continued the important work of increasing capacity and expertise as we continue to grow.

“The general status at the end of the third quarter is that the Nordic Aqua team, with strong support from local authorities and in cooperation with leading industrial partners, is positioned for the first harvest at the end of the first quarter of 2024.”

Ragnar Joensen