Gigante Salmon AS

Share Issue/Capital Change • Oct 19, 2023

GIGANTE SALMON AS: New share capital registered

GIGANTE SALMON AS: New share capital registered

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART DIRECTLY OR INDIRECTLY, IN AUSTRALIA, CANADA, JAPAN, HONG KONG, SOUTH AFRICA OR THE UNITED STATES OR ANY OTHER JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL. THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER OF ANY OF THE SECURITIES DESCRIBED HEREIN.

Reference is made to the stock exchange notice from Gigante Salmon AS (the“Company”) on 11 October 2023 regarding the successful completion of a private placement of 27,777,777 new shares (the "Offer Shares") in the Company at a subscription price of NOK 7.2 per share (the “Offer Price”) raising gross proceeds of approx. NOK 200 million (the “Private Placement”) and a potential subsequent offering of new shares at a price equal to the Offer Price (the “Subsequent Offering”). The Private Placement is completed by issuance of the Offer Shares in two tranches as follows:

i) one tranche where 10,000,000 Offer Shares are issued based on a board authorisation issued by the general meeting to the board of directors on 25 May 2022 (Tranche 1); and

ii) one tranche where 17,777,777 Offer Shares are issued by the general meeting (Tranche 2).

The general meeting where Offer Shares pertaining to Tranche 2 are issued will be held on 31 October 2023, as noted in the stock exchange notice dated 12 October 2023.

The share capital increase pertaining to the issuance of the Offer Shares under Tranche 1 has today been registered with the Norwegian Register of Business Enterprises (Nw. Foretaksregisteret). Following this, the Company's registered share capital is NOK 115,556,037.00 divided into 115,556,037 shares, each with a nominal value of NOK 1.

For more information, please contact:

Eirik Sørgård, Chair of the board

E-mail: es@pronord.no

Phone: +47 995 70 189

Rune Johansen, CFO

E-mail: rune@gigantesalmon.no

Phone: +47 988 44 724

This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act and the EU Market Abuse Regulation (MAR).

This stock exchange announcement was published by Rune Johansen (CFO), on the time and date provided.

About Gigante Salmon

Gigante Salmon is a salmon farming company that is seeking to begin land-based operations on the islet of Lille Indre Rosøy in Rødøy in the Helgeland district of central Norway. Our salmon-farming concept is based on a flow-through system that combines the advantages of conventional and land-based operations.