Bergen/Yokohama, 5 August 2026: Proximar Seafood AS ("Proximar" or the
"Company") is pleased to announce the successful placement of a new NOK 100
million, 3-year unsecured convertible bond (the "Convertible Bond"). The
proceeds comprise NOK 75 million in new subscriptions and NOK 25 million rolled
over from Proximar's existing convertible bonds.
Settlement is expected on or about 12 August 2026, subject to customary
conditions precedent. An application will be made for the Convertible Bond to be
listed on Nordic ABM.
"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," said CEO Joachim Nielsen.
The conversion price is NOK 0.60 per share. The Convertible Bond matures on 6
August 2029 and is, except for in a change-of-control situation, non-convertible
for the first six months following issuance. The coupon is 13 per cent per annum
payable in kind (PIK) for the first year, and thereafter 15 per cent PIK or 7
per cent per annum payable in cash, at the choice of the Company.
The net proceeds from the Convertible Bond, together with the extension of the
existing bond, provides additional longer-term financing for Proximar as it
continues to build biomass and harvest volumes. The transaction follows a
constructive dialogue with Proximar's banks, and a waiver of the sales covenant
under the syndicated bank loan for the second quarter of 2026 has been granted.
Loyden AS, a close associate of primary insider and CEO of Proximar, Joachim
Nielsen, has been allocated bonds in the amount of NOK 0.25 million.
Proximar 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, subject to applicable law, stock exchange rules and market practice.
ABG Sundal Collier ASA acted as manager for the Convertible Bond.
For further information, please contact:
Joachim Nielsen, CEO: ir@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 carried out its
first harvest on 30 September 2024. Proximar's brand and logo (Fuji Atlantic
Salmon) were officially launched in October 2024 at our partner Marubeni
Corporation's head quarter in Tokyo. Through land-based salmon farming, using
high-quality groundwater secured close to Mount Fuji, the company produces 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.
This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
osure requirements pursuant to section\
5-12 of the Norwegian Securities Trading Act.\