The private placement of new shares will raise approximately $125m which Atlantic Sapphire said will fully fund estimated remaining equity financing of Phase 2 of its Bluehouse facility at Homestead, Miami.
The proceeds will also be used for the repayment of a $25m debt facility, and for general corporate purposes.
25,000 tonnes per year
Atlantic Sapphire said completion of Phase 2 will take the company to an estimated total annual harvest level of 25,000 gutted weight tonnes in the US.
The current Phase 2 capital expenditure estimate is $275-300m, of which $70m has been invested.
The private placement is directed towards Norwegian and international investors. Along with Nordlaks, other companies that have pre-committed to apply for, and will be allocated, shares are:
- Norsk Landbrukskjemi AS, the investment company of Nordlaks chairman Kjell Bjordal, for NOK 12m
- Hotels group Strawberry Equities AS, for the NOK equivalent of $12.5m
- Property group Joh Johannson Eiendom AS, for the number of shares corresponding to ~4.5% ownership post private placement (on current levels, the NOK equivalent of approximately $8.6m).
A number of Atlantic Sapphire directors have also pre-committed to buying shares.