Norcod — Share Issue/Capital Change 2024

Feb 29, 2024

Norcod Successfully Completes Private Placement of 170 million NOK – and gets new Canadian investor on board

Norcod Successfully Completes Private Placement of 170 million NOK – and gets new Canadian investor on board

Trondheim, February 29th 2024

Norcod AS is thrilled to announce the successful completion of a private placement totaling 170 million Norwegian Kroner (NOK), marked by oversubscription and significant interest from existing and new investors.

The private placement was executed at a rate of 12 NOK per share, resulting in the issuance of 14.17 million new shares.

The robust support from our existing shareholders, led by Artha and Sirena Group, reflects their enduring commitment to Norcod and its long-term vision. We extend our gratitude to all our existing shareholders who supported for their continued trust and confidence.

In addition to that we are honored and delighted to welcome a new and strong industrial investor into the Norcod family. Leading North American value-added frozen seafood company High Liner Foods, based in Lunenburg Nova Scotia, Canada is investing 5 million USD (app. 52,5 million NOK) into Norcod.

High Liner will receive an approximately 10% share ownership for the investment and a place on the board, which will be assumed by Paul Jewer, President & CEO of High Liner Foods, emphasizing the significance of High Liner's involvement in Norcod's journey.

The strategic partnership with High Liner Foods is poised to fortify our presence in the North American market, where we perceive substantial potential for our high-quality fish products.

The commitment from High Liner Foods is a result of a positive assessment of the Norcod management and operations. In a news release issued by High Liner Foods today, Paul Jewer expresses his endorsement and is impressed with Norcod’s leadership team and Norcod’s proven production record and expertise as well.

Statements from Christian Riber, CEO of Norcod, on the successful private placement and entry from High Liner Foods as new investor:

“We are very satisfied on how we have executed the private placement and have achieved to raise the targeted capital. It demonstrates the confidence our investors, existing as well as new ones, have in Norcod's strategic direction and growth potential. That is really a boost for Norcod going forward.”

”At Norcod we are excited about the addition of High Liner Foods as a strategic partner and as a new investor, which is significant news for Norcod. We are excited about the opportunities this partnership and collaboration brings, especially in strengthening our position in the North American market. Paul Jewer’s presence on Norcod's board also strengthens our confidence towards the future, where we aim to be a key player in the global seafood industry. Expansion in the North American markets plays a pivotal role in achieving this objective.”

High Liner Foods: A Brief Overview

• High Liner Foods is a 125-year-old family-founded company based in Lunenburg, Nova Scotia, Canada.

• As a leading North American processor and marketer of value-added seafood, Highliner operate processing facilities in Nova Scotia, Virginia, and New Hampshire.

Key facts about High Liner Foods:

• A publicly-traded Canadian company, listed on the Toronto Stock Exchange (XTSE:HLF).

• Well-known and respected brands sold across the United States and Canada, in both the Retail and Foodservice channels.

• Annual turnover of USD 1.1 billion.

• Selling over 250 million pounds (116,000 metric tons) of seafood annually.

• Cod constitutes 20% of the company's volume, amounting to approximately 23,000 metric tons of finished product.