Norcod — Share Issue/Capital Change 2024

Mar 20, 2024

NORCOD AS: New share capital registered

NORCOD AS: New share capital registered

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 (the

“Company”) on 29 February 2024 regarding the successful completion of a private

placement of 14,166,667 new shares (the "Offer Shares") in the Company at a subscription price of NOK

12 per share (the “Offer Price”) raising gross proceeds of approx. NOK 170

million (the “Private Placement”) and a potential subsequent offering of new

shares at a price equal to the Offer Price (the “Subsequent Offering”). The board of directors resolved to complete the Private Placement by issuance of the Offer Shares in two tranches as follows:

i) one tranche where 1,546,336 Offer Shares are issued based on a board authorisation issued by the general meeting to the board of directors on 12 June 2023 (Tranche 1); and

ii) one tranche where 12,620,331 Offer Shares are issued by the general meeting (Tranche 2).

The general meeting issued the Offer Shares pertaining to Tranche 2 on the general meeting held on 15 March 2024.

The share capital increase pertaining to the issuance of the Offer Shares under Tranche 2 has today been registered with the Norwegian Register of Business Enterprises (Nw. Foretaksregisteret). Following this, the Company's registered share capital is NOK 21,797,170.50 divided into 43,594,341 shares, each with a nominal value of NOK 0.50.

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).