High Liner Foods Invests $5 Million in Norcod AS
Summary
LUNENBURG, NS, Feb. 29, 2024 /CNW/ - High Liner Foods Incorporated (TSX: HLF) ("High Liner Foods" or "the Company"), a leading North American value-added frozen seafood company, today announced it has committed to make a US$5 million investment in Norcod AS ("Norcod"), a leader in responsible and sustainable cod aquaculture based in Trondheim, Norway and listed on the Euronext Growth exchange on the Oslo Stock Exchange (NCOD.OL).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 Norcods Board of Directors. The Companys 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. "Todays 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 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. Except as required under applicable securities laws, we do not undertake to update these forward-looking statements, whether written or oral, that may be made from time to time by us or on our behalf, whether as a result of new information, future events or otherwise.High Liner Foods Incorporated is a leading North American processor and marketer of value-added frozen seafood.