Clean Seas Seafood Limited

Regulatory Filings • May 3, 2021

Clean Seas Seafood Limited – Contemplated capital raising and secondary listing on Euronext Growth Oslo

Clean Seas Seafood Limited – Contemplated capital raising and secondary listing on Euronext Growth Oslo

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Clean Seas Seafood Limited – Contemplated capital raising and secondary listing on Euronext Growth Oslo

Adelaide, 3 May 2021: Reference is made to the announcement by Oslo Børs dated 3 May 2021 regarding an application for admission to trading on Euronext Growth Oslo, in the form of a secondary listing, from Clean Seas Seafood Limited ("Clean Seas" or the "Company", and together with its consolidated subsidiaries, the "Group").

Clean Seas is an Australian public company listed on the Australian Securities Exchange (ASX) under the ticker code "CSS". Clean Seas is a fully integrated aquaculture business headquartered in Adelaide, South Australia. The Company is a global leader in full cycle breeding, production and sale of Yellowtail Kingfish.

Clean Seas has resolved to launch a private offering of new shares in the Company (the "Capital Raising") ahead of the mentioned secondary listing (the "Listing") of the Company's shares on Euronext Growth Oslo (the "Listing").

About the Capital Raising

The Company has retained Sparebank 1 Markets AS as Lead Manager (the "Manager") and Bell Potter Securities Limited ("Bell Potter"), as exclusive broker for Australia and New Zealand, and non-exclusive broker for Hong Kong, to advise on and effect the Capital Raising.

CEO of Clean Seas Seafood, Rob Gratton, says:

“Yellowtail kingfish is an exclusive ingredient of all the world’s sushi restaurants, and we have over 20 years built a position as one of the largest producers. But why should this wonderful well-tasting fish only be enjoyed in high-end restaurants? With Hofseth International as our global partner with access to the grocery, big box retailers and major meal-kit segments across Asia and the US, we see a huge growth opportunity ahead of us. This comes on top of what now seems to be a V-shaped recovery in the restaurant market post Covid-19 as the vaccines are rolled out globally.”

“A listing on Euronext Growth in Oslo will make it possible for the most sophisticated seafood investors in the world to invest in Clean Seas Seafood and be part of this massive growth opportunity for the Yellowtail Kingfish species. With our existing licenses alone, we will be able to take our first step to increase our production volume from an estimated 3,000 tonnes this year to 10,000 tonnes. This capital increase will allow us to execute on this opportunity and also thereby allow the company to significantly reduce an already best in class unit cost of production”.

In order to facilitate the registration and trading of its shares on Euronext Growth Oslo, the Company will establish a facility for the registration of beneficial interests representing the shares of the Company in the VPS, reflected in the form of depositary interests ("Depositary Interests"). Therefore and subject to the necessary approvals from the Oslo Stock Exchange, it is not shares issued in accordance with the Australian Corporations Act that will be subject to trading on Euronext Growth Oslo, but Depositary Interests to be registered in the VPS (in book-entry form) representing the beneficial interests in such shares.

Advisors

Sparebank 1 Markets AS is acting as manager for the Capital Raising ("Manager"). Bell Potter Securities Limited ("Bell Potter") is acting as exclusive broker for Australia and New Zealand, and non-exclusive broker for Hong Kong. Advokatfirmaet CLP DA and HWL Ebsworth Lawyers are acting as Norwegian and Australian legal counsel, respectively, to the Company. Advokatfirmaet SANDS DA is acting as Norwegian legal counsel to the Manager.

For more information, please contact:

Rob Gratton

CEO, Clean Seas Seafood Limited

rob.gratton@cleanseas.com.au

About Clean Seas Seafood:

Clean Seas Seafood is a fully integrated Australian Aquaculture business listed on the Australian Securities Exchange (ASX). Clean Seas is the global leader in full cycle breeding, farming, processing and marketing of its Hiramasa or Yellowtail Kingfish (Seriola lalandi) and is renowned amongst leading chefs and restaurants around the world for its exceptional quality. Clean Seas is recognised for innovation in its sustainable Yellowtail Kingfish farming and has become the largest producer of aquaculture Yellowtail Kingfish outside Japan. Clean Seas is headquartered at its processing facility in Royal Park in Adelaide, South Australia while its hatchery is at Arno Bay and its fish farms are at Port Lincoln, both on the Eyre Peninsula of South Australia.

Important Notice:

This stock exchange announcement was published by the Oslo Stock Exchange on behalf of the Company.