Nordic Unmanned ASA

Share Issue/Capital Change • Sep 29, 2021

Nordic Unmanned - Contemplated private placement, uplisting process initiated

Nordic Unmanned - Contemplated private placement, uplisting process initiated

29.9.2021 16:30:24 CEST | Nordic Unmanned | Additional regulated information

required to be disclosed under the laws of a member state

Sandnes, 29 September 2021 - Nordic Unmanned AS ("Nordic Unmanned" or the

"Company") contemplates a private placement of new shares (the "Offer Shares")

in the Company, with gross proceeds of up to NOK 100 million (the "Private

Placement").

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN CANADA,

JAPAN, AUSTRALIA OR THE UNITED STATES, OR ANY OTHER JURISDICTION IN WHICH SUCH

RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL. THIS ANNOUNCEMENT DOES

NOT CONSTITUTE AN OFFER OF ANY OF THE SECURITIES DESCRIBED HEREIN.

The Company's Board of Directors has also decided to initiate a process to

transfer its listing venue from Euronext Growth to Oslo Børs. The uplisting

reflects the company's global growth ambitions and already substantial

shareholder base. It is expected to contribute to increased visibility, and

better liquidity through access to a larger investor universe. The uplisting is

expected to take place during the first half of 2022.

SpareBank 1 Markets AS (the "Manager") has been retained as sole bookrunner to

advise on and carry out the Private Placement.

The net proceeds from the Private Placement will be used to accelerate the

pursuit of several potential M&A opportunities, fleet growth following awards,

product development and general corporate purposes.

The price for the Offer Shares in the Private Placement and the total number of

Offer Shares will be determined by the Board of Directors of the Company

following an accelerated book building process. The book building and

application period for the Private Placement commences today at 16:30 CET, and

is expected to close prior to 30 September 2021 at 08:00 CET. The Company, after

consultation with the Manager, reserves the right to at any time and in its sole

discretion close or extend the application period or to cancel the Private

Placement in its entirety and for any reason. If the book building is shortened

or extended, the other dates referred to herein may be changed correspondingly.

The Private Placement will be directed towards a limited number of selected

investors, in each case, subject to and in compliance with applicable exemptions

from relevant prospectus, filing and registration requirements. The minimum

application and allocation amount have been set to the NOK equivalent of EUR

100,000. The Company may however, at its sole discretion, allocate an amount

below EUR 100,000 to the extent applicable exemptions from the prospectus

requirement pursuant to applicable regulations, including the Norwegian

Securities Trading Act and ancillary regulations, are available.

The Company also intends to carry out a separate offering of shares directed

towards its employees. It is expected that such offering of shares towards the

employees will be for of up to of 300,000 Shares offered at a price equal to the

subscription price for the Offer Shares, less 30%, and with a three-year

lock-up. Such employee offering will be carried out separately following the

Private Placement.

Allocation of the shares in the Private Placement will be determined at the end

of the application period, and final allocation will be made by the Board at its

sole discretion, after consultation with the Manager. Settlement of the Private

Placement will be on a delivery versus payment basis, to be facilitated by

existing and unencumbered shares in the Company pursuant to a share lending

agreement entered into between Skaulen AS, Urbanium Gruppen AS, Petroleum

Logistics Consulting AS as share lenders, the Company, and the Manager in order

to facilitate delivery of listed shares to investors on a delivery versus

payment basis. The Manager will settle the shares borrowed from the share lender

with a corresponding number of new shares in the Company to be issued by the

Board of Directors pursuant to an authorization to increase the share capital

granted by an extraordinary general meeting of the Company on 26 May 2021.

The Company has considered the Private Placement in light of the equal treatment

obligations under the Norwegian Securities Trading Act and Oslo Børs' circular

no. 2/2014 and is of the opinion that the waiver of the preferential rights

inherent in a private placement, taking into consideration the time, costs and

risk of alternative methods of securing the desired funding, as well as the

limited dilution effects of the transaction, is in the common interest of the

shareholders of the Company.

The Company will announce the exact number of Offer Shares to be issued in the

Private Placement through a stock exchange notice expected to be published

before the opening of the trading on Euronext Growth Oslo on 30 September 2021.

Completion of the Private Placement is subject to the Board making the required

resolutions to complete the Private Placement, including without limitation,

resolving allocation of the Offer Shares and to issue the Offer Shares pursuant

to an authorization granted by an extraordinary general meeting of the Company

on 26 May 2021.

Save for the Offer Shares to be issued in the Private Placement and the employee

offering and, if relevant, new shares to be issued in any subsequent offering,

the 12 months lock-up undertaking of the Company entered into in connection with

the admission to trading on Euronext Growth Oslo is and will continue to remain

in full force and effect for the remainder of its duration.

Advokatfirmaet Schjødt AS is acting as legal counsel to the Company in

connection with the Private Placement.

Important Notice

This announcement is not, and does not form a part of, any offer to sell, or a

solicitation of an offer to purchase, any securities of the Company. The

distribution of this announcement and other information may be restricted by law

in certain jurisdictions. Copies of this announcement are not being made and may

not be distributed or sent into any jurisdiction in which such distribution

would be unlawful or would require registration or other measures. Persons into

whose possession this announcement or such other information should come are

required to inform themselves about and to observe any such restrictions.

The securities referred to in this announcement have not been and will not be

registered under the U.S. Securities Act of 1933, as amended (the "Securities

Act"), and accordingly may not be offered or sold in the United States absent

registration or an applicable exemption from the registration requirements of

the Securities Act and in accordance with applicable U.S. state securities laws.

The Company does not intend to register any part of the offering or their

securities in the United States or to conduct a public offering of securities in

the United States. Any sale in the United States of the securities mentioned in

this announcement will be made solely to "qualified institutional buyers" as

defined in Rule 144A under the Securities Act.

In any EEA Member State, this communication is only addressed to and is only

directed at qualified investors in that EEA Member State within the meaning of

the Prospectus Regulation, i.e., only to investors who can receive the offer

without an approved prospectus in such EEA Member State. The expression

"Prospectus Regulation" means Regulation 2017/1129 as amended together with any

applicable implementing measures in any EEA Member State.

This communication is only being distributed to and is only directed at persons

in the United Kingdom that are (i) investment professionals falling within

Article 19(5) of the Financial Services and Markets Act 2000 (Financial

Promotion) Order 2005, as amended (the "Order") or (ii) high net worth entities,

and other persons to whom this announcement may lawfully be communicated,

falling within Article 49(2)(a) to (d) of the Order (all such persons together

being referred to as "relevant persons"). This communication must not be acted

on or relied on by persons who are not relevant persons. Any investment or

investment activity to which this communication relates is available only for

relevant persons and will be engaged in only with relevant persons. Persons

distributing this communication must satisfy themselves that it is lawful to do

so.

Matters discussed in this announcement may constitute forward-looking

statements. Forward-looking statements are statements that are not historical

facts and may be identified by words such as "believe", "expect", "anticipate",

"strategy", "intends", "estimate", "will", "may", "continue", "should" and

similar expressions. The forward-looking statements in this release are based

upon various assumptions, many of which are based, in turn, upon further

assumptions. Although the Company believes that these assumptions were

reasonable when made, the assumptions are inherently subject to significant

known and unknown risks, uncertainties, contingencies and other important

factors which are difficult or impossible to predict and are beyond the

Company's control.

Actual events may differ significantly from any anticipated development due to a

number of factors, including without limitation, changes in investment levels

and need for the Company's services, changes in the general economic, political

and market conditions in the markets in which the Company operates, the

Company's ability to attract, retain and motivate qualified personnel, changes

in the Company's ability to engage in commercially acceptable acquisitions and

strategic investments, and changes in laws and regulation and the potential

impact of legal proceedings and actions. Such risks, uncertainties,

contingencies and other important factors could cause actual events to differ

materially from the expectations expressed or implied in this release by

forward-looking statements. The Company does not provide any guarantees that the

assumptions underlying the forward-looking statements in this announcement are

free from errors nor does it accept any responsibility for the future accuracy

of the opinions expressed in this announcement or any obligation to update or

revise the statements in this announcement to reflect subsequent events. You

should not place undue reliance on any forward-looking statements in this

announcement.

The information, opinions and forward-looking statements contained in this

announcement speak only as at its date, and are subject to change without

notice. The Company does not undertake any obligation to review, update,

confirm, or to release publicly any revisions to any forward-looking statements

to reflect events that occur or circumstances that arise in relation to the

content of this announcement. Neither the Manager nor any of its affiliates make

any representation as to the accuracy or completeness of this announcement and

none of them accept any responsibility for the contents of this announcement or

any matters referred to herein.

This announcement is for information purposes only and is not to be relied upon

in substitution for the exercise of independent judgment. It is not intended as

investment advice and under no circumstances is it to be used or considered as

an offer to sell, or a solicitation of an offer to buy any securities or a

recommendation to buy or sell any securities in the Company. Neither the Manager

nor any of its affiliates accept any liability arising from the use of this

announcement.

This announcement is an advertisement and is not a prospectus for the purposes

of Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14

June 2017 on prospectuses to be published when securities are offered to the

public or admitted to trading on a regulated market, and repealing Directive

2003/71/EC (as amended) as implemented in any Member State.

DISCLOSURE REGULATION

This information is subject to the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.

CONTACTS

* Knut Roar Wiig, CEO, +47 92 66 66 59, krw@nordicunmanned.com

* Trond Østerhus, CFO, Nordic Unmanned AS, +47 95 99 08 79,

to@nordicunmanned.com

ABOUT NORDIC UNMANNED

Nordic Unmanned delivers comprehensive data solutions through industry leading

expertise, to assist both public and private customers in the transition to

unmanned technology. The focus is to support demanding clients by collecting

time-critical data with the use of unmanned technology.

Founded in 2014, the company has offices in Sandnes, Oslo, and Frankfurt, and

has quickly become one of Europe's leading providers of unmanned systems and

services, with operations across the continent. The company is ISO 9001-2015

certified by DNV-GL for the operation, maintenance, sale, design, development

and production of unmanned systems and sensor technology. and sensor technology.

For more information visit nordicunmanned.com - https://nordicunmanned.com/