Bergen, Norway/ Yokohama, Japan- 6 January 2023 Proximar Seafood AS("Proximar") 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 28th of December 2022and is intended to finance Proximar's facility and production of Atlanticsalmon at the foot of Mount Fujiin 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. "Securing debt financing is a key priority for Proximar. In October, we successfully initiated the production phase at our facility in Japan, and this loan offer demonstrates the robustness in our business model. It also shows that we are able to attract credit providers in the funding of Proximar's activities going forward", says Joachim Nielsen, CEO of Proximar. 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. "This offer is a steppingstone in our post-construction financing plan. With the received offer, construction loan discussions are now also expected to progress more efficiently." Nielsen says. 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 Leasingof JPY 3.25 billion( ~NOK 245m), 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 percent debt level ( ~NOK 630m), based on the total project cost. Proximar will evaluate the received offer and the alternatives and provide further update. Entered production phase in October The ongoing facility construction is developing according to our schedule with more than 80 percent of the civil works already completed. Construction costs are on budget. Currently the installation of production tanks is ongoing in the grow-out building. Production is running according to our plans, and the second batch of eggs was inserted in December. The first batch inserted late October has successfully hatched and will in a short while be brought into the first feeding department which was commissioned in December. For more information, please contact: Joachim Nielsen, CEO, +81 70 2811 9898, firstname.lastname@example.org Pål K. Grimsrud, CFO, +47 99 47 75 99, email@example.com About Proximar Seafood Proximar Seafoodis a Norwegian land-based salmon farming company with its first production facility and production at the foot of Mount Fujiin Japan. 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. This information is subject to the disclosure requirements pursuant to Section 5-12 in the Norwegian Securities Trading Act. This stock exchangeannouncement was published by Pål Grimsrud, CFO of Proximar Seafoodon 6 January 2023at 06:45 CET.
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