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Atlantic Sapphire raises $55 million

Atlantic Salmon Recirculating aquaculture systems (RAS) Investment +4 more

Land-based salmon farmer Atlantic Sapphire has raised $55 million – $5 million more than originally planned – following a private placement of shares.

Phase 1 of Atlantic Sapphire's "bluehouse" RAS in Florida

The company hopes the new funding will allow it to reach the building's 9,500-tonne production capacity

“The deal size in the private placement was up-sized based on strong investor demand from the initially announced NOK equivalent of $50 million,” said the Florida-based company in a market announcement.

The company intends to use the proceeds to achieve steady production levels – and profitability – in Phase 1 of its flagship Florida RAS, which is designed to produce up to 9,500 tonnes of gutted salmon a year. Meanwhile, any remaining funds may be used for the company's second phase, which aims to bring capacity up to 25,000 tonnes a year.

Nordlaks, one of Norway’s largest salmon producers, which already owned a 4.77 percent stake in the company, was the largest investor in the new round, buying shares worth $10 million. Another notable investor from the aquaculture world was Blue Future Holding, part of the group that owns AquaGen and GenoMar, which bought shares worth $4.65 million

Atlantic Sapphire’s board has also adopted an intention to carry out a subsequent offer of up to 20 million new shares with gross proceeds of up to $9.3 million.

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