Norcod

Share Issue/Capital Change • Feb 24, 2025

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 2024 report from Norcod AS ("Norcod" or the "Company") published on 13 February 202, where it was announced that the Company intends to launch a private placement of new shares (the "Offer Shares") to raise gross proceeds of minimum NOK 150 million (the "Private Placement"). DNB Markets, a part of DNB Bank ASA has been engaged as financial advisor. The contemplated Private Placement is expected to take place during Q1 2025.

As previously announced, some of Norcod’s largest shareholders have already indicated support covering the minimum amount 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, Chief Executive Officer, phone: +47 905 37 990, E-mail:

cr@norcod.no

Stian Vollan-Hansen, Chief Financial Officer, phone: +47 481 78 846, E-mail:

svh@norcod.no

About Norcod:

Norcod AS' core business is commercial sea farming of cod. Norcod's existing fish farms are located in Mid-Norway with ideal conditions for cod. The company contributes 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).