Norwegian whitefish group Vesteralen Havbruk, which intends to absorb the operations of Norway-based cod farmer Statt Torsk as part of a merger agreement, is looking to raise as much as NOK 100 million (€8.5 million/$9.1 million) in fresh capital.

The funds will be used to strengthen the group's financial position and finance initiatives related to the merger, Vesteralen Havbruk Chief Financial Officer, Martin Kvaernstuen, said during an investor presentation last week.

The company has already secured NOK 50 million (€4.2