Proximar Seafood AS — Capital/Financing Update 2023

Apr 21, 2023

Proximar Seafood AS – Summons to bondholders' meeting

Proximar Seafood AS – Summons to bondholders' meeting

Proximar Seafood AS (the "Company") has proposed an amendment to the bond terms dated 21 October 2022, as amended by a tap issue addendum dated 5 April 2023 (as amended, the “Bond Terms”) pertaining to the 7.00 per cent. subordinated unsecured convertible NOK 300,000,000 bonds 2022/2025 (the “Bonds”).

In order to facilitate a future Share Issue by the Company, the Company has proposed an amendment to the definition of “Share Issue" in the Bond Terms so that the bondholders will be limited to exercising its Conversion Rights at the Adjusted Conversion Price in connection with a Share Issue to the first private placement or rights issue to occur after the Issue Date. This would ensure that the structure of the Conversion Rights under the Bonds is more consistent with market practice for convertible bond issues, while still providing the bondholders with the additional dilution protection for one future Share Issue which is envisaged to fully finance the development of the stage 1 facility.

For further information about the proposal, please see the attached summons to a bondholders' meeting for the Bonds.

For more information, please contact:

Pål K. Grimsrud, CFO, +47 99 47 75 99, pkg@proximar.com

This information is subject to the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act.

About Proximar Seafood

Proximar Seafood is a Norwegian land-based salmon farming company with its first production facility and production at the foot of Mount Fuji in Japan. The company has inserted its fifth batch of eggs since October 2022. Through land-based fish farming, using high-quality ground water secured close to Mount Fuji, the company will produce fresh Atlantic Salmon, harvested the same day. Proximar’s location, near one of the world’s most important fish markets, implies significant advantages, both in terms of reduced cost and carbon footprint.