Gigante Salmon AS

Capital/Financing Update • Oct 4, 2023

Gigante Salmon AS: Update on the financing of the production facility on Rødøy

Gigante Salmon AS: Update on the financing of the production facility on Rødøy

Bodø, 04.10.23:

Reference is made to the stock exchange announcement from Gigante Salmon AS ("Gigante Salmon" or the "Company") on 7 September 2023 regarding an increase in capex of approx. NOK 200 million for the construction work at the Company’s facility at Rødøy.

The Company has today secured a long-term leasing arrangement with SpareBank 1 Finans Nord-Norge AS for the financing up to approx. NOK 100 million of the increase in capex at the Rødøy facility. The terms of the leasing arrangement are materially in line with the terms of the Company’s existing long term debt arrangements, and subject to final approval by Eksfin.

The remaining amount of the increase in capex at the Rødøy facility is contemplated financed through a private placement of new shares in the Company (the “Private Placement”) for which the company has engaged SpareBank 1 Markets and SpareBank 1 Nord-Norge Kapitalmarked. The Company’s main shareholder, Gigante Havbruk AS, intends to subscribe for up to NOK 100 million in the Private Placement.

Further announcements will follow in due course.

For further 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 to the disclosure requirements of the Norwegian Securities Trading Act Section 5-12.

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.

Visit www.gigantesalmon.no for more information.