Land-based salmon farmer Proximar Seafood is carrying out a subsequent share offering of up to 12.5 million new shares to raise further financing for its Japanese project.

The announcement follows the company's share sale in December where it also announced it was seeking to raise another 12.5 million new shares with a price of NOK 2 (€0.17/$0.19) per share, to raise a further NOK 25 million (€2.2 million/$2.4 million).

The net proceeds will be used to cover higher expected operational costs, financing costs and increased CAPEX, the company said in conjunction with the December raise.