Bodø, 20 August 2024
Gigante Salmon AS (the “Company”) has today published the quarterly report for the second quarter of 2024. From Q2 we report the following main points:
• Kjell Lorentsen appointed CEO on 23 April
• Technical room and piping for production basin 2 completed
• New board elected by AGM on 15 May
• NOK 120m in long-term loan financing granted by SpareBank 1 Nord-Norge. Financing backed by Export Finance Norway (Eksfin)
• Private placement successfully completed on 13 June. Increased to NOK 225 million from NOK 200 million on the back of strong investor demand
Events after balance-sheet date:
• Strengthened management through the employment of Tore Laugsand as deputy CEO
• Subsequent Offering completed on 9 July, resulting in gross proceeds of NOK 16.1 million
- The summer has given us very positive experiences with the facility, with stable temperatures and good growth. It's great to say that the average weight in our test production has now passed 1,000 grams, says CEO Kjell Lorentsen.
The Company is now in both production and execution phase, and through Q2 the total investments have increased to NOK 792 778 kNOK, from NOK 641 679 kNOK for Q1 2024. In Q2, the company has strengthened its financing by approx. 361 MNOK, through a long-term loan financing with SpareBank 1 Nord-Norge (120 MNOK), a private placement on 13 June (225 MNOK) and subsequent offering on 09 July (16.1 MNOK).
- We are delighted by the trust from the investors, and with strengthened financing and a well-functioning facility, it is a pleasure to work in such a dedicated and competent organisation, says CFO Rune Johansen.
In connection with the Q2 2024 Report, Gigante Salmon is pleased to invite you to a digital management presentation at 10:00 CET. The presentation will be held by CEO Kjell Lorentsen and CFO Rune Johansen, and will finish off with a Q&A session where you may submit questions in writing. The presentation will be held in Norwegian.
Link to webcast:
https://gigantesalmon.no/investor-2/websendinger/#/gigante-salmon/quarterly-earning-reports-2024/7e3960qw
The full Q2 2024 report is attached to this stock exchange announcement, and published on the company's website: https://gigantesalmon.no/investor/rapporter-og-presentasjoner/
For further information, please contact:
Kjell Lorentsen, CEO
Phone: +47 911 22 688
E-mail: kjell@gigante.no
Rune Johansen, CFO
Phone: +47 988 44 724
E-mail: rune@gigantesalmon.no
This information is considered to be inside information pursuant to the EU Market Abuse Regulation (MAR) and is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act. The stock exchange announcement was published by Rune Johansen, CFO in Gigante Salmon AS, at the time and date stated above in this announcement.
Gigante Salmon:
Gigante Salmon is a land-based salmon farming company with its first production facility under construction on Lille Indre Rosøy in Rødøy, Norway. The Company’s aquaculture concept is based on a flow-through system, combining the benefits of conventional and land-based aquaculture while simultaneously eliminating issues associated with conventional, sea based, farming. Visit www.gigantesalmon.no for more information.