Norwegian Block Exchange AS

Share Issue/Capital Change • Aug 18, 2022

Norwegian Block Exchange has received guarantees from existing shareholders for NOK 10 million in new equity in a contemplated capital raise

Norwegian Block Exchange has received guarantees from existing shareholders for NOK 10 million in new equity in a contemplated capital raise

Oslo, 18 August 2022. As part of a contemplated capital raise (the "Private Placement"), Norwegian Block Exchange AS (“Norwegian Block Exchange” or “NBX”) has received guarantees for NOK 10 million of new equity from existing shareholders.

The subscription price will be set after the total contemplated capital raise is finalized and is dependent on approval from the General Assembly. The guarantee is obtained in accordance with the authorization granted to the Board of Directors at the Company's General Meeting held on 25 April 2022.

The Company intends to use the net cash proceeds it will receive from the contemplated Private Placement to fund its development activities and for general corporate purposes.

“NBX has executed our plans of restructuring and reducing costs in recent months to align our organization with current market conditions. We strongly believe in the future of cryptocurrency, and with our excellent technology base, competent team, and recently granted e-money license, we are well positioned to be part of a long-term growth journey" says Stig Aleksander Kjos-Mathisen, CEO of NBX.

Further details of the contemplated Private Placement will be announced when funds are secured. The extended contemplated capital raise also depends on approval from the General Assembly.

The Board has considered the contemplated Private Placement in light of the equal treatment obligations under applicable legislation, the rules on equal treatment under Euronext Growth Oslo Rule Book Part II for companies listed on Euronext Growth Oslo and the Oslo Stock Exchange's Guidelines on the rules of equal treatment. Completion of the Private Placement implies a deviation from the existing shareholders' pre-emptive rights to subscribe for and be allocated new shares. The Board has carefully considered such deviation and has resolved that the Private Placement is in the best interest of the Company and its shareholders. In reaching this conclusion, the Board has among other things considered the availability of capital markets financing in a timely manner on the same favorable terms as agreed in the Private Placement, together with the necessity for the Company to realize its communicated targets in line with its approved strategy and that the Private Placement could be completed in a more efficient manner and entails less transaction costs compared to a rights issue.

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Contact persons:

Stig Kjos-Mathisen - CEO

Mail: stig.aleksander.kjos-mathisen@nbx.com, Phone: +47 932 87 574

Torstein Thinn - CFO

Mail: torstein.thinn@nbx.com, Phone: +47 986 44 144

About NBX:

Truly Norwegian cryptocurrency exchange and custodian. Based in Oslo and registered with the Financial Supervisory Authority of Norway. NBX offers everyone easy and secure access to cryptocurrency, focusing on the Nordic markets, but open for customers globally.

This information is considered to be inside information pursuant to the EU Market Abuse Regulation article 7 and is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act. This stock exchange announcement was published by Torstein Thinn on the time and date set out above.