Nutreco-backed land-based salmon farmer Nordic Aqua Partners said it plans to use proceeds from a share issue estimated at NOK 100 million (€8.5 million/$9.3 million) to increase operational flexibility and build up a cash buffer.

The company said it has already received pre-commitments totaling NOK 100 million (€8.5 million/$9.3 million) and is retaining Pareto Securities and SpareBank 1 Markets as joint lead managers and joint bookrunners to advise on and conduct the issue.

Nordic Aqua Partners expects to complete its first salmon harvest at its land-based salmon farming facility in Ningbo, China, in March 2024.