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Land-based salmon farmer Andfjord Salmon raised NOK 150 million (€13 million/$15 million) through a private placement, clearing the way to list on Oslo Stock Exchange's alternative Merkur Market by June 22.

The company raised NOK 30 million (€2.7 million/$3.1 million) more than it expected at the launch of the private placement to sell 3,750,000 new shares at a price of NOK 40 (€3.70/$4.20) per share.

The world's largest seafood lender DNB Asset Management and Finnish financier Nordea each subscribed and were allocated shares worth NOK 25 million (€2.3 million/$2.6 million).

Asset management firm Toluma Norden bought NOK 10 million (€924,000/$1 million) shares in Andfjord Salmon.

The new shares will be delivered to investors on a delivery-versus-payment basis after the company registers the share capital increase with the Norwegian Registry of Business Enterprises, and issues the new shares in the Oslo Bors' VPS no later than June 24.

Andfjord Salmon's share capital following the private placement is NOK 33.6 million (€3.1 million/$3.5 million) divided into an equal amount of shares with a nominal value of NOK 1.00 (€0.09/$0.10).

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ABG Sundal Collier is acting as financial advisor to the private placement and listing.

Andfjord Salmon named Christian Torgersen as operations manager for its land-based facility in Kvalnes, Norway, effective Aug. 3.

Andfjord Salmon has a license to grow 10,000 metric tons of salmon, but aims to reach 70,000 metric tons in the near future. It already secured a number of sites to make that possible.