Proximar Seafood AS: Execution of Loan Agreement with Grieg Kapital AS -fully funded until first harvest

Bergen, Norway/Yokohama, Japan - 2 May 2023. Reference is made to the stock
exchange announcement by Proximar Seafood AS ("Proximar" or the "Company") on 21
April 2023 regarding the firm financing offer (the "Offer") with a group of
major shareholders led by Grieg Kapital AS, offering up to approximately NOK 130
million in long-term debt and thus securing the remaining funding required by
the Japanese banks providing the JPY 8.8 billion bank loan (NOK equivalent of
approximately NOK 685 million). 

After a successful completion of the private placement of NOK 73.6 millon, as
announced 28 April 2023, the Company has taken advantage of the loan Offer and
has executed a loan agreement pursuant to the Offer of NOK 104.2 million (the
"Loan"). With the private placement and the loan facilities, Proximar is fully
funded until first harvest of its Atlantic salmon scheduled in Q3 2024.  

"This is the final piece of Proximar's financing puzzle, and I'm highly
satisfied announcing that we now have fully funded our activities until first
harvest. Concluding both the equity raise and this loan agreement over the past
weeks, allows us to fully focus on construction and production", says CEO of
Proximar Joachim Nielsen. 

The Loan shall be repaid in 2.5 years. The Loan is subject to an arrangement fee
of 5 per cent, and shall carry an interest of NIBOR 1M + 7.25 per cent payable 3
months upfront, with a first upfront payment for 12 months for part of the
interest (5 per cent). 

"Finalizing our funding needs is a great testimony to the efforts from the
entire team and the support from both new and old investors and lenders. We have
been able to progress on the project in parallel with its funding needs,
bringing us to our targeted debt ratio", says CFO of Proximar Seafood, Pål K.
Grimsrud.

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, with
expected first harvest mid-2024. Proximar has now secured, the funding needed to
secure construction of its first land-based salmon farming facility in addition
to production activities until first harvest. 

The Company's consideration under the Loan have a value exceeding 2.5 per cent
of the balance sheet amount of the Company's last approved financial statement.
An approval in accordance with section 3-8 of the Companies Act by the board of
directors where therefore required. A statement by the board of directors for
the approval of the Loan is attached hereto.


For more information, please contact
Pål K. Grimsrud, CFO, [phone], [e-mail] 

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 has inserted its fifth batch of eggs since October 2022. Through
land-based fish farming, using high-quality ground water secured close to Mount
Fuji, the company will produce 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.

Click here for more information

© Oslo Bors ASA, source Oslo Stock Exchange