Monday, July 29, 2024

Laxey successfully completes €6 million Equity Private Placement

July 29, 2024 - Laxey has announced the successful completion of a €6 million Equity Private Placement, to initiate construction of its second section of 4500 tonnes HOF land-based salmon production. The round was driven by strong interest following closing of the €40 million private placement in April 2024. The round included investments by Farvatn Private Equity and Kontrari, two Norwegian family offices and experienced seafood investors, who invested alongside existing investors and employees.

First batches are thriving in the hatchery and construction is progressing according to plan

The company's development is well underway. The hatchery has been operational since November 2023 and the first two batches are performing well. The facility will be fully commissioned in July with a total capacity of four million 100g smolt per year. Progress remains on schedule for the grow-out site, utilising a hybrid-flow-through technology, benefiting from the favourable local conditions with respect to biosecurity and building cost. The first grow-out tanks were erected late June, and the facility will be ready for smolt insert during fall 2024.

Additional capital raised to commence construction of section 2

Until early 2024, the company has been predominantly funded by the local Óskarsson family. With the completion of the €40 million Private Placement in April 2024 and €6 million now in July Laxey has secured a strong shareholder base combining strategic and financial strength to take the company forward.

"Continued demand from prominent investors reflects the quality and hard work in Laxey. Along with the commencement of construction for Section 2, we believe these investors bring experience and additional competence to our project" says Lárus Ásgeirsson, chairman of the board of Laxey. "Now it is up to us to deliver on construction and farming. It is truly exciting to watch the daily progress of the project and with the first grow-out tanks being erected a few weeks ago we are on good track to deliver the project on time"

Arctic Securities acted as Sole Global Coordinator and Bookrunner in the private placement, with Mar Advisors acting as Financial Advisor to Laxey.

For more information, visit HERE.

The Aquaculturists

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