VBL Plc — Share Issue/Capital Change 2023

Dec 29, 2023

VBL Plc (C56012)

("VBL" or the "Company")

COMPANY ANNOUNCEMENT

Issue and Allotment of Shares

Date: 29 December 2023

Ref. VBL13/2023

Reference is made to an announcement by the Company dated 23 June 2023 (Ref: VBL08/2023) in which the Company announced that it had identified a number of potential private investors which have shown an interest in the subscription of new shares with a view of raising new equity capital on a private placement basis. In furtherance of this, the board of directors had resolved as follows:

In furtherance of the authority of the Board of Directors to issue and allot shares in accordance with article 5.1 of the Company's Articles of Association, it is hereby resolved that the Company, by means of private placement and subject to concluding with potential investors, proceed with the issuance and allocation of new ordinary shares, in various subscription tranches, up to a total of €1 million in subscription value, to be completed by 31st December 2023 at a subscription price which shall not be lower than the weighted average trading price of the VBL ordinary shares at the Malta Stock Exchange (the "MSE") of the last 360 days (bottom of the range) and shall not be higher than 150% of the weighted average trading price of the VBL ordinary shares at the MSE of the last 360 (top of the range).

VBL hereby announces that as of the 29 December 2023 it has raised a total of Euro 295,500 and will proceed to issue and allot a total of 1,136,538 ordinary shares each having a nominal value of Euro 0.20c with a premium of 0.06c in VBL, all fully paid-up.

The above raise and subsequent issue and allotment concludes the aforementioned private placement.

For the purposes of article 2(1)(b)(i) of Commission Implementing Regulation (EU) 2016/1055, the Company hereby announces that this company announcement includes 'inside information' in terms of Regulation (EU) 596/2014 (the Market Abuse Regulation).

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Dr Mikiel Calleja Company Secretary