Trondheim,February 29th 2024 Norcod AS is thrilled to announce the successful completion of a private placement totaling170 million Norwegian Kroner (NOK), marked by oversubscription and significant interest from existing and new investors. The private placement was executed at a rate of12 NOK per share, resulting in the issuance of 14.17 million new shares. The robust support from our existing shareholders, led byArtha and Sirena Group , reflects their enduring commitment to Norcod and its long-term vision. We extend our gratitude to all our existing shareholders who supported for their continued trust and confidence. In addition to that we are honored and delighted to welcome a new and strong industrial investor into the Norcod family. Leading North American value-added frozen seafood companyHigh Liner Foods , based inLunenburg Nova Scotia , Canada is investing5 million USD (app.52,5 million NOK ) into Norcod. High Liner will receive an approximately 10% share ownership for the investment and a place on the board, which will be assumed byPaul Jewer , President & CEO ofHigh Liner Foods , emphasizing the significance of High Liner's involvement in Norcod's journey. The strategic partnership withHigh Liner Foods is poised to fortify our presence in the North American market, where we perceive substantial potential for our high-quality fish products. The commitment fromHigh Liner Foods is a result of a positive assessment of the Norcod management and operations. In a news release issued byHigh Liner Foods today,Paul Jewer expresses his endorsement and is impressed with Norcod's leadership team and Norcod's proven production record and expertise as well. Statements fromChristian Riber , CEO of Norcod, on the successful private placement and entry fromHigh Liner Foods as new investor: "We are very satisfied on how we have executed the private placement and have achieved to raise the targeted capital. It demonstrates the confidence our investors, existing as well as new ones, have in Norcod's strategic direction and growth potential. That is really a boost for Norcod going forward." "At Norcod we are excited about the addition ofHigh Liner Foods as a strategic partner and as a new investor, which is significant news for Norcod. We are excited about the opportunities this partnership and collaboration brings, especially in strengthening our position in the North American market.Paul Jewer's presence on Norcod's board also strengthens our confidence towards the future, where we aim to be a key player in the global seafood industry. Expansion in the North American markets plays a pivotal role in achieving this objective."High Liner Foods : A Brief Overview oHigh Liner Foods is a 125-year-old family-founded company based inLunenburg, Nova Scotia , Canada. o As a leading North American processor and marketer of value-added seafood, Highliner operate processing facilities inNova Scotia ,Virginia , andNew Hampshire . Key facts aboutHigh Liner Foods : o A publicly-traded Canadian company, listed on theToronto Stock Exchange (XTSE:HLF).o Well -known and respected brands sold acrossthe United States andCanada , in both the Retail and Foodservice channels. o Annual turnover ofUSD 1.1 billion . o Selling over 250 million pounds (116,000 metric tons) of seafood annually. o Cod constitutes 20% of the company's volume, amounting to approximately 23,000 metric tons of finished product.
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