Norcod — Share Issue/Capital Change 2023

Jul 4, 2023

Correction: NORCOD AS: Final result of Subsequent Offering

Correction: NORCOD AS: Final result of Subsequent Offering

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART DIRECTLY OR INDIRECTLY, IN OR INTO 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 16 June 2023 regarding the start of the subscription period in the subsequent offering (the "Subsequent Offering") of up to 1,333,333 new shares (the “Offer Shares”) at a subscription price of NOK 30 per share (the "Offer Price").

The subscription period for the Subsequent Offering ended on Friday 30 June at 16:30 CET. By the end of the subscription period, the Company had received valid subscriptions for 328,267 shares in the Subsequent Offering. The board of the Company has today resolved that a total of 328,267 offer shares will be allocated at the Offer Price in accordance with the allocation criteria set out in the registration prospectus, raising gross proceeds of NOK 9,848,010.

Notifications of allocated Offer Shares in the Subsequent Offering and the corresponding amount to be paid by each subscriber will be sent out in a separate letter to each subscriber. Investors that are allocated Offer Shares can access information on the number of Offer Shares allocated through VPS on 5 July 2023. The due date for payment of the Offer Shares is on 6 July 2023.

Subject to duly and timely payment of the Offer Shares by the subscribers, the share capital increase pertaining to the Offer Shares is expected to be registered in the Norwegian Register of Business Enterprises on or about 11 July 2023 and will be delivered to the VPS accounts of the subscribers shortly thereafter. The Offer Shares will have equal rights and rank pari passu with the Company's other shares.

ABG Sundal Collier ASA is acting as bookrunner for the Subsequent Offering (the "Manager"). Advokatfirmaet Haavind AS is acting as legal counsel to Norcod.

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.