Norcod — Share Issue/Capital Change 2023

Aug 24, 2023

NORCOD AS: Capital increase by debt conversion

NORCOD AS: Capital increase by debt conversion

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 Norcod AS ("Norcod" or the "Company") on 12 July 2023. On the annual general meeting held 12 July 2023 (the “General Meeting”), a power of attorney to the board of directors to increase the share capital of the Company, at a price of NOK 30 per share (the "Subscription Price") by conversion of a shareholder loan issued by Artha Cod Ansvarligt Lån P/S (the “Shareholder Loan”), was issued (the "Power of Attorney"). The Power of Attorney was registered with the Norwegian Register of Business Enterprises (Nw. Foretaksregisteret) on 14 July 2023.

The creditor position under the Shareholder Loan has later been transferred from the original lender to its shareholders (the “Artha Shareholders”).

The board of directors has, based on and in accordance with the Power of Attorney issued at the General Meeting, resolved a capital increase through conversion of part of the Shareholder Loan by issuance of 2,953,524 new shares (the "Conversion Shares") in the Company at the Subscription Price, with a total Subscription amount of NOK 88,606,022 to the Artha Shareholders (the “Debt Conversion”). Completion of the Debt Conversion is subject to registration of the share capital increase pertaining to the Debt Conversion with the Norwegian Register of Business Enterprises and delivery of the Conversion Shares to the subscribers in Euronext Securities Oslo.

For more information, please contact:

Christian Riber,

CEO, Norcod AS

Tel: +47 905 37 990

E-mail: cr@norcod.no

Arne Kristian Hoset

CFO, Norcod AS

Tel: +47 988 10 282

E-mail: arne.hoset@norcod.no

About Norcod:

Norcod AS’ core business is commercial sea farming of cod but through ownership and partnerships is involved in the entire value chain. Norcod’s existing fish farms are located in Mid-Norway with ideal conditions for cod. The company is contributing to blue ocean value creation with minimal impact on the environment while supporting local communities. Norcod is listed on Oslo’s Euronext Growth market.

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).