The Kingfish Company successfully raised EUR 32 million (USD 34 million) via an unsecured convertible loan, the company announced on 5 July.
The new loan will partially be used to finance phase two of its Zeeland, the Netherlands-based recirculating aquaculture system. The company announced the commissioning of phase two had started in April 2023, after adjusting the cost estimate to finalize the facility upward to EUR 95 million (USD 103 million).
"The successful placement of the convertible loan will secure the completion of phase two,” Kingfish Company CEO Vincent Erenst said in a release. "We are in the process of more than doubling our production capacity to meet the increasing demand for Dutch yellowtail. The proceeds from the convertible loan will provide full funding for the expansion until we reach positive cash flow from operations and sustainable profitability.”
The convertible loan is part of The Kingfish Company's previously-announced plans to raise additional equity or debt during 2023. In addition to the phase two costs, the net proceeds of the loan will also be used for making the company’s operations cash-positive, it said.
The loan has been split into two tranches, the first consisting of 10,763,182 shares raising an equivalent of EUR 10 million (USD 10.8 million) in funding, and the second consisting of 70 million shares sold for EUR 22 million (USD 23.9 million).
A mandatory notification of trade issued by The Kingsfish Company reveals it ...
Photo courtesy of The Kingfish Company
