Land-based salmon farmer Kuterra has signed an exclusive negotiating agreement with a potential buyer of the company, CEO Garry Ullstrom told IntraFish on Friday.

Because of confidentially clauses associated with the negotiations, Ullstrom was unable to provide further details.

The company is currently owned by British Columbia’s Namgis First Nation, which earlier this year informed Kuterra officials that it was ready to divest itself from the operation.

Kuterra was built with CAD 9.5 million (€6.7 million/$7.1 million) in government and charitable funding, including CAD 3 million (€2.1