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Strong appetite for a salmon stake: Atlantic Sapphire's private placement was oversubscribed. Photo: Atlantic Sapphire.
Strong appetite for a salmon stake: Atlantic Sapphire's private placement was oversubscribed. Photo: Atlantic Sapphire.

On-land salmon farmer Atlantic Sapphire has raised US $121 million (NOK 1,016m) in gross proceeds through a private placement of 10,300,000 new shares, at a price per share of NOK 98.60, equal to yesterday’s closing price on Oslo Stock Exchange.

Atlantic Sapphire, which currently has capacity to produce 10,000 tonnes of salmon per year at its Bluehouse facility in Homestead, Maimi-Dade County in Florida, said the share placement was oversubscribed.

The company intends to eventually produce 200,000 tonnes of salmon annually at the Homestead site, and some of the net proceeds of the share issue will be used to partly finance Phase 2 construction anticipated to commence in Q2 2021.

Power and chiller plants

The capital will also be used for the acceleration of further expansion by funding initial, long lead investments and construction of centralised infrastructure such as power and chiller plants that will benefit subsequent buildouts.

The rest of the money will be used for general corporate purposes, Atlantic Sapphire said in a press release.

Two Atlantic Sapphire directors, André Skarbø and Tone Bjørnov, bought 50,709 shares and 2,000 shares respectively.