Norcod — Share Issue/Capital Change 2024

Feb 27, 2024

NORCOD AS: Update on contemplated private placement

NORCOD AS: Update on contemplated private placement

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 23 February regarding the contemplated private placement of new shares to raise proceeds of NOK 100 – 150 million at a price per share of NOK 12.00 (the "Offer Price") (the "Private Placement"). The Company has engaged ABG Sundal Collier ASA as sole bookrunner for the Private Placement (the "Manager").

The Company's largest shareholders, representing in total 56.07 % of the shares in the Company, has pre-committed to subscribe for in total NOK 72.5 million at the Offer Price. In addition, the Company has received confirmation from a new high-quality long-term industrial investor, that such investor will participate in the Private Placement with NOK 52.4 million at the Offer Price, subject to being allocated the full subscription amount and approval by the extraordinary general meeting of nomination of a representative to the board of directors of the Company.

Based on this, in total NOK 124.9 million is already fully covered based on pre-commitments and confirmations of interest to subscribe received prior to launch of the Private Placement.

Further announcements on the Private Placement will follow-in due course.

For more information, please contact:

Christian Riber,

CEO, Norcod AS

Tel: +47 905 37 990

E-mail: cr@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).