12 April 2023 – Proximar Seafood AS ("Proximar" or the "Company") is pleased to announce that it has successfully completed a tap issue of NOK 40 million under its outstanding subordinated unsecured convertible bond issue 2022/2025 with ISIN NO0012733387. As a result of the tap issue, the total outstanding amount under the bond issue will be increased to NOK 287.3 million. The tap was completed at an issue price of 100% of par value.
Proximar and the bondholders in the tap issue have further entered into a buyback agreement where the Company has an option, but not an obligation, to buy back convertible bonds issued in the tap issue at an increasing price, starting at 101.00 per cent. for any buyback prior to 30 April 2023, with a monthly step-up up to 104.00 per cent. in August 2023, plus accrued and unpaid interest. The bondholders in the tap issue have further entered into a lock-up agreement whereby the bondholders undertake not to sell or otherwise dispose of the bonds in the tap issue (other than to the Company) or to exercise any right of conversion in respect of the tap bonds. The lock-up will be in force until 31 August 2023.
The net proceeds from the tap issue will be applied towards general corporate purposes. The completion of the tap issue is an important further step towards reaching the desired long-term capital structure for the Company.
ABG Sundal Collier ASA and Arctic Securities AS acted as joint managers and bookrunners for the transaction.
For more information, contact:
Pål K. Grimsrud, CFO, +47 99 47 75 99, pkg@proximar.com
Joachim Nielsen, CEO, +81 70 2811 9898, jn@proximar.com
About Proximar Seafood
Proximar Seafood is a Norwegian land-based salmon farming company with its first production facility and production at the foot of Mount Fuji in Japan. The company inserted its first batch of eggs in October 2022 and has currently inserted batch number four. Through land-based salmon farming, using high-quality ground water secured close to Mount Fuji, the company will produce fresh Atlantic Salmon, harvested the same day. Proximar's location, near one of the world's most important fish markets, implies significant advantages, both in terms of reduced cost and carbon footprint.