Miami, Florida, U.S.A.-based Atlantic Sapphire has OK'd a share capital increase to raise USD 64 million (EUR 57.5 million) for infrastructure improvements at its Atlantic salmon recirculating aquaculture system (RAS) facility.
The company first announced a potential share capital increase on 20 August and proposed a fully underwritten rights issuance of up to USD 60 million (EUR 54 million) and a directed convertible loan issuance of a minimum of USD 20 million (EUR 18 million). Existing shareholders including Nordlaks Holding, Condire Management, Strawberry Capital, as well as external investors, underwrote the equivalent of USD 60 million in Norwegian krone, the company said in August.
On 17 September, the company held an extraordinary general meeting which approved the plan, revising the amount to USD 64 million.
According to Atlantic Sapphire, the net proceeds from the rights issuance will be enough to finalize investments in infrastructure that will move toward achieving a positive EBITDA for its Phase 1 operations. The company said it estimates it will reach that point in Q4 2025 – five years after it harvested its first Atlantic salmon from its Miami-based RAS.
“The company further estimates an optimized Phase 1 to deliver 8,250 to 8,750 metric tons [MT] head-on, gutted of salmon in annual harvest at an EBITDA of USD 1.50 to 2.00 [EUR 1.34 to 1.79] per kilogram, as if on a standalone basis,” the company said.
According to the posting on the Oslo Børs, Nordlaks Holding, Condire Management, and Nokomis Capital all plan to acquire USD 15 million (EUR 13.5 million) of the rights issuance, and Strawberry Capital plans to acquire USD 5 million (EUR 4.5 million) of the issuance, reaching USD 50 million (EUR 45 million) in total.
In a recent presentation, Atlantic Sapphire said it has been making progress on its Miami-based RAS, and the infrastructure improvements it made in October 2023 have been successful. Those improvements came after ...
