STATT – Signed agreement for NOK 35 million financing from a Norwegian Bank
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.