A photo taken earlier this year shows progress on the second phase of Atlantic Sapphire's "Bluehouse" salmon farm in Florida. Photo: Atlantic Sapphire.

Atlantic Sapphire seeks to raise $19m from shareholders

Florida on-land salmon farmer Atlantic Sapphire is seeking to raise NOK 184.5 million (US $19.4 m) by issuing up to 9 million new shares for sale to existing shareholders at NOK 20.50.

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The offering follows the completion of a separate private placement of just over 60 million shares, also priced at NOK 20.50, that raised NOK 1.231 billion. It is directed towards eligible shareholders who were not included in the private placement.

Norwegian-registered Atlantic Sapphire will issue 0.15924 subscription rights per share held in the company on 30 June 2022.

The subscription period commenced today and will close on 24 August 2022 at 16:30 (CEST).

220,000-tonne target

Atlantic Sapphire plans to produce 220,000 tonnes of salmon annually at its site in Homestead, Miami-Dade County, by 2031. It has completed Phase 1 construction, which provides the capacity to harvest approximately 10,000 gutted weight tonnes annually and has been working towards steady state production of that volume.

The company is currently constructing its Phase 2 expansion, which will bring total annual production capacity to 25,000 tonnes, and is now operating its own filleting line, which it said would have an immediate positive impact on processing cost, fillet yield and quality control.

In the last of a series of monthly updates in June, Atlantic Sapphire said its May harvest volume was approximately 140 gutted weight tonnes, and that batches of fish introduced from mid-2020 showed good biological performance, with low mortality and economic feed conversion ratio in line with expectations.

The company will publish its next operational update in conjunction with its First Half 2022 report on August 26.