Proximar signs financing offer for remaining capital needs, providing a fully funded solution

21 Apr 2023 09:24 CEST

Bergen, Norway/Yokohama, Japan – 21 April 2023 Proximar Seafood AS (“Proximar”
or the “Company”) signed a firm financing offer (the “Offer") with a group of
major shareholders led by Grieg Kapital AS, totaling approximately MNOK 180.

The Offer consists of a combination of up to approximately NOK 130 million in
long-term debt and NOK 50 million in equity commitments, securing the remaining
funding required by the Japanese banks providing the JPY 8.8 billion bank
loan(NOK equivalent of approximately NOK 685 million).

With this Offer, the Company will be fully funded for the construction and
operations of the Oyama facility. The completion of construction works is
scheduled in 3Q 2023, and the operation has already commenced, with 5 batches
currently in the facility.

In line with the Offer, Proximar maintains flexibility to explore alternatives
to further optimize the financing structure of the Company, which may include an
equity issue to reduce the share of debt in the Offer, if deemed favorable.

“Once again we benefit from having strong and committed partners in this
project. The Offer permits us to fully focus on the execution of the final stage
of construction and on the production which started in October. In combination
with the loan from the Japanese bank syndicate, we have now received a firm
alternative for the remaining funding requirement and consequently a fully
financed solution for the company until start of sales,” says CEO Joachim
Nielsen.

ABG Sundal Collier and Arctic Securities have been retained as financial
advisers to the Company.

For more information, please contact:
Pål K. Grimsrud, CFO, +47 99 47 75 99, pkg@proximar.com
Joachim Nielsen, CEO, +81 70 2811 9898, jn@proximar.com

This information is subject to the disclosure requirements pursuant to section 5
-12 of the Norwegian Securities Trading Act.

About Proximar Seafood
Proximar Seafood is a Norwegian land-based salmon farming company with its first
production facility and production at the foot of Mount Fuji in Japan. The
company has inserted its fifth batch of eggs since October 2022. Through
land-based fish farming, using high-quality ground water secured close to Mount
Fuji, the company will produce fresh Atlantic Salmon, harvested the same day.
Proximar’s location, near one of the world’s most important fish markets,
implies significant advantages, both in terms of reduced cost and carbon
footprint.

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