Norcod seeks more capital for growth

The company said two months ago that it was evaluating various options but has since found that potential funding alternatives through the bond and private lending market have been considered, but the terms available have not been sufficiently attractive.

It said in an Oslo Stock Exchange announcement today that an updated funding plan has now been established which includes raising NOK 100 million (£8m) in new equity through a private placement of new shares in the company.

This will be in combination with up to NOK 170 million (£13.5m) in new debt financing secured through the expansion of existing credit facilities at DNB Bank ASA and a new loan from Innovation Norway at an indicated amount of NOK 50 million (£4m) subject to final credit committee approval.

Norcod said: “Overall, the updated funding plan positions the company for scaling up the biomass and reaching profitable operations during H2 2026.

“The company has received indications of interest from its main shareholders to support and participate in the private placement. Based on these discussions, the company has determined that the subscription price per offer share in the private placement will be NOK 10.”

The private placement is expected to take place during Q2 2026. Further information on this will be announced in due course.

The company has engaged DNB Carnegie, a part of DNB Bank ASA, as sole bookrunner in connection with the placement.

Norcod’s existing fish farms are located in mid-Norway and along the Helgeland coast.