Proximar completes successful placement of NOK 100m bond

Proximar CEO Joachim Nielsen said: “We appreciate the continued support from our bondholders, banks and shareholders. The proceeds from the convertible bond strengthen our liquidity and we will continue our full focus and efforts to deliver on our positive operational trajectory.

“With biological performance and harvest weights progressing toward a steady supply above 3 kg, we remain well positioned as we work toward profitable operations.”

Proximar said the transaction follows a constructive dialogue with its banks, and a waiver of the sales covenant under the syndicated bank loan for the second quarter of 2026 has been granted.

It also intends, as far as practically possible, to invite remaining shareholders and existing bondholders not included in this tranche to subscribe in a subsequent tranche of the convertible bond on equal terms, within the next few months,.

This will be subject to applicable law, stock exchange rules and market practice. ABG Sundal Collier ASA acted as manager for the convertible bond.

Proximar Seafood is based at the foot of Mount Fuji, close to the Japanese capital, Tokyo.

The company laid down its first batch of eggs in October 2022 and carried out its first harvest on 30 September 2024.