Proximar Seafood AS has, through its subsidiary Proximar Ltd. (Japan), received a loan offer from a Japanese bank for a post-construction loan of JPY 4 billion (NOK ~300 million). The senior secured loan offer was credit approved on 28 of December 2022 and is intended to finance Proximar's facility and production of Atlantic salmon at the foot of Mount Fuji in Japan. The loan is subject to syndication and certain conditions.

As for the syndication, there is already positive interest from other banks and financial institutions. The loan can be available for drawdown in the end of 2024, following the company's first planned harvest mid-2024. The loan also permits further subordinated lending to reach Proximar's debt target.

Strengthening further financing dialogues: The company's dialogues on remaining construction loan financing have to a large extent been pending visibility on post-construction debt financing. The ongoing discussions with banks and financial institutions cover alternatives for further construction financing as well as post-construction funding. Proximar has previously secured an outstanding loan from JA Mitsui Leasing of JPY 3.25 billion (~NOK 245 million), which is required to be refinanced in March 2024.

Based on the ongoing dialogues with banks and financial institutions, the company is optimistic on concluding on a debt structure aligned with the previous guidance of approximately 45% debt level (~NOK 630 million), based on the total project cost. Proximar will evaluate the received offer and the alternatives and provide further update.