Norcod — Share Issue/Capital Change 2024

Feb 23, 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 Q4 2023 report from Norcod AS ("Norcod" or the "Company") published on 15 February 2024, where it was announced that the Company intends to launch a private placement of new shares (the "Offer Shares") to raise gross proceeds of between NOK 100 – 150 million (the "Private Placement"). The Company has engaged ABG Sundal Collier ASA as sole bookrunner for the Private Placement which is expected to take place before end of Q1 2024.

As previously announced, the Company's main shareholders intend to subscribe for Offer Shares in the Private Placement. Based on the indications of interest to subscribe for shares already received, the Company has determined that the subscription price per Offer Share in the Private Placement will be NOK 12.00,-.

Further information on the Private Placement will be announced 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).