Nordic Unmanned ASA

Share Issue/Capital Change • Dec 8, 2022

Correction: Nordic Unmanned - Private placement successfully placed

Correction: Nordic Unmanned - Private placement successfully placed

8.12.2022 08:23:08 CET | Nordic Unmanned | Additional regulated information

required to be disclosed under the laws of a member state

* Correction relates to the gross proceeds of the Subsequent Offering

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.

Reference is made to the stock exchange announcement published on 7 December

2022 by Nordic Unmanned ASA ("Nordic Unmanned" or the "Company") (ticker: NUMND)

regarding a contemplated private placement of new ordinary shares in the Company

each with a nominal value of NOK 1 (the "Offer Shares") for gross proceeds of

NOK 50-70 million (the "Offer Size"), subject to and in compliance with

applicable exemptions from relevant prospectus or registration requirements (the

"Private Placement").

The Company is pleased to announce that the Private Placement has been

successfully placed, through an allocation of 11,666,666 new shares in the

Company at a price of NOK 6 per share, for gross proceeds of approximately NOK

70 million. The Private Placement was well covered.

The net proceeds to the Company from the Private Placement will be used for

investments in assets, equipment and maintenance packages for certain contracts,

working capital needs until full contract production in mid-2023 and to reduce

short-term debt.

Completion of the Private Placement (by issue and delivery of Offer Shares to

investors) is subject to (i) an extraordinary general meeting (the "EGM") in the

Company resolving to approve the Private Placement and issue the Offer Shares,

(ii) the Pre-Payment Agreement (as defined below) remaining unmodified and in

full force and effect, and (iii) the share capital increase pertaining to the

issuance of the allocated Offer Shares being validly registered with the

Norwegian Register of Business Enterprises ("NRBE") and the allocated Offer

Shares being validly issued and registered in the Norwegian Central Securities

Depository, Euronext Securities Oslo ("VPS") - (jointly the "Conditions"). The

EGM will be called for as soon as possible, and is expected to be held on or

about 22 December 2022.

The Private Placement will be cancelled if the Conditions are not met. Neither

the Managers nor the Company will be liable for any losses if the Private

Placement is cancelled, irrespective of the reason for such cancellation.

The Offer Shares are expected to be pre-paid by the Managers pursuant to a

pre-payment agreement (the "Pre-Payment Agreement") expected to be entered into

between the Company and the Managers, in order to facilitate prompt registration

of the share capital increase pertaining to the issue of Offer Shares in the

NRBE and delivery-versus-payment (DVP) settlement with investors. The Offer

Shares allocated in the Private Placement will be tradable on Euronext Growth

Oslo when the new share capital relating to the Private Placement has been

registered with the NRBE and the Offer Shares have been registered by the VPS,

expected on or about 23 December 2022, subject to the Conditions having been

met. Payment and delivery date is expected on or about 28 December 2022, subject

to the Conditions having been met. Conditional upon the Private Placement being

completed, the Company will have 42,463,845 shares issued and outstanding

following registration of the share capital increase pertaining to the Private

Placement with the NRBE, each with a par value of NOK 1.

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, which the Company

will utilise for the purposes of investments in assets, equipment and

maintenance packages for certain contracts, working capital needs until full

contract production in mid-2023 and to reduce short-term debt, is in the common

interest of the shareholders of the Company. When reaching this conclusion, the

Board also emphasized that it will consider to carry out the Subsequent Offering

(as defined below), as further described below, depending on, amongst other

things, the development in the market price of the Company's shares following

settlement of the Private Placement.

The Company will consider, subject to completion of the Private Placement and

certain other conditions, to carry out a subsequent repair offering of up to

11,666,666 new shares at a price equal to the final Offer Price in the Private

Placement, with gross proceeds of up to approximately NOK 70 million (the

"Subsequent Offering"). Due to its size, the Subsequent Offering will be

conditional upon, inter alia, the EGM in the Company resolving to grant the

Board with an authorisation to carry out the Subsequent Offering. The Subsequent

Offering, if carried out, will, subject to applicable securities law, be

directed towards existing shareholders in the Company as of 7 December 2022 (as

registered in the VPS two trading days thereafter), who (i) were not included in

the wall-crossing phase of the Private Placement, (ii) were not allocated Offer

Shares in the Private Placement, and (iii) are not resident in a jurisdiction

where such offer would be unlawful or would (in jurisdictions other than Norway)

require any prospectus, filing, registration or other similar action. The

potential Subsequent Offering will be subject to, among other things, approval

by the Board. Launch of a Subsequent Offering, if carried out, may also be

contingent on publishing of a prospectus.

Skaulen AS (100% owned by the Company's CEO, Knut Roar Wiig) has in connection

with the Private Placement (and contingent upon successfully completing the

Private Placement) agreed to sell 783,338 existing shares worth approximately

NOK 4.7 million to companies controlled by certain Primary Insiders (including

Jelsa Investering AS, Helgø Investering AS, EAAH Invest AS, Ålgård Holding AS

and Wallcross AS) at a price equal to the final Offer Price in the Private

Placement. The reason for the sale is to fully settle a share financing

agreement with a financial institution. 100% of the proceeds from the sale will

be used towards this purpose.

The Company and the members of the Company's management and Board have agreed to

a 6 month lock-up, subject to customary exemptions, exception for Skaulen AS in

connection with the share transaction between primary insiders described below,

and an exemption to carry out a Subsequent Offering.

A stock exchange release on transactions carried out by persons discharging

managerial responsibilities and close associates in accordance with the EU

Market Abuse Regulation will be published separately.

ADVISORS

Pareto Securities AS and SpareBank 1 Markets AS have acted as Joint Lead

Managers and Joint Bookrunners for the Private Placement. Advokatfirmaet Schjødt

AS is acting as legal counsel to the Company in connection with the Private

Placement, and Advokatfirmaet Grette AS is acting as legal counsel to the

Managers in connection with the Private Placement.

CONTACTS

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

* Trond Østerhus, CFO, +47 95 99 08 79, to@nordicunmanned.com

ABOUT NORDIC UNMANNED

Nordic Unmanned is the leading European operator and service provider of

high-end drones and data capture, supporting governments and industrials with

own and third-party IP.

Founded in 2014, the Group has offices in Sandnes, Molde, Odense (DK), Cranfield

(UK), Hasselt (BE), Arnsberg (GER) and Baltimore (US) and has become one of the

leading providers of unmanned systems and services, with operations across

Europe. Nordic Unmanned has one of the world's most comprehensive permits to fly

beyond visual line of sight (BVLOS), through the EASA approved Light UAS

operator Certificate (LUC). The Group owns proprietary technology and is OEM for

the drone products Staaker, AirRobot and DroneMatrix, in addition to being a

distributor of unmanned aerial systems produced by Lockheed Martin, Textron and

Sky-Hero. Its subsidiary Ecoxy is a Nordic leader in measurement, reporting and

verification of maritime and industrial emissions. Group companies are ISO

9001-2015 and AS9100 certified for the operation, maintenance, sale, design,

development, and production of unmanned systems and sensor technology.

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

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 Managers 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 Managers 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

This information is considered to be inside information pursuant to the EU

Market Abuse Regulation (MAR) and is subject to the disclosure requirements

pursuant to MAR article 17 and section 5-12 of the Norwegian Securities Trading

Act. This stock exchange announcement was published by Trond Østerhus, CFO at

Nordic Unmanned ASA on 7 December 2022, at the time set out above.

ORIGINAL RELEASE

Nordic Unmanned - Private placement successfully placed -

https://kommunikasjon.ntb.no/announcement?publisherId=17847587&announcementId=19

42⟨=en