Atlantic Sapphire board approves and finalizes USD 56 million private placement

Atlantic Sapphire’s board of directors has approved the share issuance connected to a successful NOK 595 million (USD 56 million, EUR 51 million) private placement. 

The company first announced the private placement on the Oslo Børs on 16 March, and later that same day announced it had been successfully placed. In its latest announcement on 11 April, the company said the board of directors approved the share capital increases connected with the private placement, finalizing the move. 

Companies and individuals that participated in the private placement include Nordlaks Holding, which was allocated 21,611,600 offer shares at the offer price of NOK 5.00 (USD 0.47, EUR 0.43), bringing its subscription amount to NOK 108,058,000 (USD 10.2 million, EUR 9.3 million); Strawberry Equities, which was allocated 14,047,540, bringing its subscription amount to NOK 70,237,700 (USD 6.6 million, EUR 6.07 million) ; Blue Future Holding, owned by EW Group, was allocated 10 million shares for a total subscription amount of NOK 50 million (USD 4.7 million, EUR 4.3 million); and Jon Johannson Eiendom, who was allocated 10 million shares, for a total subscription of NOK 50 million.

The purpose of the private placement, the company said, will be used to provide the company with “sufficient financial runway, including buffer” to achieve steady-state production and profitability in its phase-one operations.  

Atlantic Sapphire Chief Sales and Marketing Office Damien Claire told SeafoodSource in January the company’s main goal this year is to achieve steady-state product on its phase-one operations.

“The focus right now is building up biomass and getting into full ‘steady-state’ production and harvest in our U.S. phase-one facility,” Claire said at the time. “We completed some important improvements on the infrastructure side in Q4 2022 that will ensure even better conditions for the fish going forward.”

According to the company’s Oslo Børs release, any remaining cash buffer from the private placement “may be utilized by the company for phase-two expansion.”  

Photo courtesy of Atlantic Sapphire