Statt Torsk ASA ("STATT" or "the Company") has today entered into a NOK 35
million Overdraft Facility with a Norwegian bank at regular market terms. The
facility will be used to finance the planned inventory building.
"This agreement is an important milestone for STATT and a key enabler to realize
our growth plans for coming years. Together with the new equity raised in June,
(private placement that secured additional 41 MNOK), we now expect to be fully
funded for initiated production both at Rekvika and Stokkeneset for the period
up to 2024 and delivery of high quality cod every week all year-around from
September 2022. It is also very stimulating for us to get the confirmation that
a leading finance institution now are supporting our Company", says Bjug
Borgund, CFO of Statt Torsk ASA.
Statt Torsk ASA changed its production cycle in February 2022 from 18 to 30
months and will start weekly deliveries to customers in September 2022. STATT
was recently granted an increase from 3 to 6 licenses at Rekvika and entered
into a long-term processing agreement for all production for 2022-2024 at
Western Seaproducts AS, a company fully-owned by Måsøval AS.
For more information statt.no or contact:
Gustave Brun-Lie, CEO, gbl@statt.no
Bjug Borgund, CFO, bb@statt.no
About Statt Torsk ASA:
Statt Torsk ASA is listed on Euronext Growth Oslo with ticker "STATT" and with
operations in Stad municipality. The company produces and sells farmed Atlantic
cod. In 2016-2021, the company carried out three pilot productions to clarify
whether commercial production was possible. STATT is now in commercial
production with currently two sites with total 8 licenses in Vanylvsfjorden.