Fifax Plc, Investor news, 21 June 2023 at 12:40 EEST

From the CEO

Spring has started off with great momentum. We began the year by completing the sanitation process at the Eckerö facility, and now we are already witnessing hundreds of thousands of fingerlings swimming and growing in our tanks. This has been made possible thanks to the oversubscribed Rights offering we organized in March, which allowed us to quickly resume our fish farming operations. I want to sincerely thank everyone who participated in the offering for their continued trust in our company.

The fish are growing once again at our Eckerö facility, and we are gradually ramping up our operations in line with our goals. Our next objective is to bring the hatchery and fingerling unit into full production and initiate the first Grow Out unit. So, there is plenty of work ahead of us in the fall as well!

Wishing you a great summer,

Samppa Ruohtula
CEO, Fifax Ltd.

Key milestones in 1-6/2023

Fifax’ ramp-up advances – the second egg batch has arrived to Eckerö
20 June 2023 – Fifax celebrated another joyful moment on Tuesday as the second egg batch arrived in Eckerö. Since the restart of farming operations in March, a total of 1,600,000 eggs have been brought to the Eckerö facility. The first batch has already been transferred from the hatchery and the so-called first feed tanks to the actual fingerling unit, where all tanks are now in use.
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Fifax launched a directed issue to the companies creditors to convert certain debts
14 June 2023 – Fifax implemented a directed share issue, where 91.5 percent of the accrued capital loan interest was successfully converted into shares in Fifax to strengthen the company’s financial position. Trading with the conversion shares commenced on the Nasdaq First North Growth Market Finland on June 16, 2023.
Read the Company announcement

Fifax at an aquaculture seminar in Oslo: Emphasizes biosecurity’s vital role and shares unique global insights
2 June 2023 – Fifax recently attended the Annual Aquaculture Seminar in Oslo on Thursday, 25 May, joining prominent aquaculture companies from around the world that specialize in both conventional and land-based farming. This marked Fifax’s second invitation to the event.
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European fish health experts learned about Fifax’s farming methods and biosecurity arrangements
10 May 2023 – On Wednesday, 3 May 2023, around twenty fish health experts and officials from Northern Europe visited Fifax’s production facility in Eckerö to learn about the company’s fish farming methods and biosecurity arrangements.
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Final result of Fifax's rights offering – offering was oversubscribed (109 %)
30 March 2023 – According to the final result of FIFAX Plc’s rights offering, a total of 28,151,366 new shares were subscribed for in the offering, corresponding to approximately 109.3 percent of the New shares, and the offering was therefore oversubscribed..
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First new egg batch has arrived – fish farming starts ahead of schedule at the Eckerö facility
15 March 2023 – Fifax has restarted fish farming operations at the Eckerö RAS facility slightly earlier than planned. The first new batch of eggs arrived at the facility on Tuesday, following the completion of necessary preparations to restart the hatchery after a successful six-week dry period. The fish eggs are now developing in the hatchery basins.
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More information about Fifax is available on the company's website at https://fifax.ax/en/investors

Fifax in brief
Fifax’s vision is to be a forerunner in large-scale sustainable fish farming with a minimal impact on the environment, so that locally and sustainably produced fish can be enjoyed by its customers all year round.

Established in 2012, Fifax utilizes ultra-intensive Recirculating Aquaculture Systems (RAS) technology based on the principle of an almost completely closed water circulation within the facility, where the fish live in large land-based indoor tanks. Indoor tanks better safeguard against external factors, and the environmental impact and pollution from the facility is significantly lower when compared to traditional fish farming in water bodies.

FIFAX Plc’s shares have been listed in Nasdaq First North Growth Market Finland.

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