High Liner Foods invest $5M in Norcord AS

LUNENBURG — High Liner Foods Incorporated, a value-added frozen seafood company, announced it has committed to make a US$5 million investment in Norcod AS, a company in sustainable cod aquaculture based in Trondheim, Norway and listed on the Euronext Growth exchange on the Oslo Stock Exchange.

In exchange for the $5 million investment, High Liner Foods will receive an approximately 10% share ownership in Norcod and nomination rights for a director, currently Paul Jewer, to serve on Norcod’s Board of Directors. The Company’s investment, which will be made from cash from operations, forms part of a larger capital raise by Norcod that is expected to close in March 2024.

“Today’s investment is a small but important step forward in our strategy to position High Liner Foods for the next chapter of leadership and growth. In a dynamic global seafood environment, we want to ensure that our Company and its stakeholders can benefit from the opportunities across the full value chain in highly sought after species like cod,” said Paul Jewer, President and Chief Executive Officer at High Liner Foods.

Mr. Jewer continued, “We are impressed by Norcod’s leadership team and their proven production record and expertise. In making this long-term investment, we welcome the opportunity to support, and help shape, the bold, innovative work underway to lead the future of sustainable cod farming as a source of premium seafood for North America and markets around the world. It is a great complement to our existing diversified supply of cod, and ongoing support for the future of Atlantic seafood.”

High Liner Foods believes that Norcod provides attractive investment characteristics and that participation in the private placement provides an investment opportunity for its shareholders to gain exposure to the growing cod aquaculture market. Norcod has proven production across three cycles and operates 6 farming sites with licenses secured to reach a 26,000 mt production capacity. Norcod is geographically focused in central and northern part of Norway with optimal biological conditions for aquaculture.