Norcod is issuing new shares for shareholders who missed out on a private placement in April.

Norcod seeks NOK 40m from share issue


Norwegian cod farmer Norcod is aiming to raise almost NOK 40 million (£2.965m) by issuing 1,333,333 new shares directed towards existing shareholders who were not allocated shares in an earlier private placement.

The subscription period for the shares started at 09:00 CET today and finishes at 16:30 CET on 30 June.

Norcod raised almost NOK 190.5m through its private placement in April.

Net proceeds of that placement are being used to increase biomass in accordance with the company’s production plan, develop two new locations, and for general corporate purposes.

Last year the company was given permission for a fifth net pen farm site that will take its maximum allowed biomass (MAB) to 13,920 tonnes.