NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR
INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, HONG KONG OR JAPAN,
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.


Bergen, 23 April 2024


M Vest Water AS (the "Company") refers to the stock exchange release earlier
today on 23 April 2024 regarding a contemplated private placement. The Company
hereby announces that it has raised NOK 20 million in gross proceeds through a
private placement of 2,500,000 new shares (the "New Shares"), at a subscription
price per share of NOK 8.00 (the "Offer Price") (the "Private Placement"). The
Private Placement attracted interest from both existing shareholders and new
quality investors. In combination with the Private Placement, the Company has
agreed with two of its shareholders to convert their outstanding shareholder
loans amounting to NOK 8 million in total (plus interest) into 1,017,827
additional Offer Shares, at a price per share equal to the Offer Price.


The net proceeds from the Private Placement will be employed as working capital
in the Company and will be used to finance the Company's ongoing projects and
expansion, as announced in recent stock exchange notices. The proceeds are
expected to provide adequate funding for the Company's current ongoing projects
and announced expansion plans. The Company is also actively working on multiple
projects which, if materialized, represent significant growth opportunities and
which could require additional working capital in the future.


Notification of allocation is expected to be sent to the applicants by Fearnley
Securities AS (the "Manager") on or about 24 April 2024.


The Company's share capital following the Private Placement and the shareholder
loan conversion will be NOK 74,482.88, divided into 32,717,827 shares, each with
a par value of NOK 0.00227 (rounded) per share.


The Offer Shares allocated in the Private Placement are expected to be settled
on a delivery versus payment ("DVP") basis for all investors except M Vest
Invest AS, through a share lending arrangement entered into between the Company,
M Vest Invest AS (as share lender) and the Manager, on or about 26 April 2024,
and will be immediately tradeable upon notification of allocation.


The Private Placement represents a deviation from the shareholders' pre-emptive
right to subscribe for the Offer Shares. The Board has considered the Private
Placement in light of the equal treatment obligations under the Norwegian Public
Limited Companies Act, the Norwegian Securities Trading Act, the rules on equal
treatment under Oslo Rule Book II for companies listed on the Oslo Stock
Exchange, and guidelines on the rule of equal treatment from Oslo Stock Exchange
and the Financial Supervisory Authority of Norway, at the latest the thematic
review published on 19 December 2023, and deems that the proposed Private
Placement is in compliance with these obligations. The Board is of the view that
it will be in the common interest of the Company and its shareholders to raise
equity through a private placement, in particularly considering the current
market conditions and to secure financing in a more certain and expedient manner
in the current volatile capital markets. By structuring the equity raise as a
private placement, the Company believes it has been able to raise equity with a
lower discount to the current trading price, at a lower cost and with a
significantly reduced completion risk compared to a rights issue.


In light of the pricing of the Private Placement being at a very limited
discount to the prevailing market price for the Company's shares and therefore
representing no meaningful value dilution to shareholders who were not able to
participate, the Board has concluded that no subsequent offering will be
required.


Fearnley Securities AS acted as bookrunner and manager for the Private
Placement. Advokatfirmaet Thommessen AS is acting as legal advisor to the
Company.


This information is considered to be inside information pursuant to the EU
Market Abuse Regulation and subject to the disclosure requirements pursuant to
section 5-12 of the Norwegian Securities Trading Act. This stock exchange notice
was published by Morten Hilton Thomassen, CFO, on the date and time as set out
inthe release.




Contact:
Stein Giljarhus, CEO, stein.giljarhus@mvestwater.com, +47 90 54 08 32
Morten Hilton Thomassen, CFO, mht@mvestwater.com, +47 92 25 85 70



Forward looking statements: This announcement includes forward-looking
statements, relating inter alia to the financing, the Private Placement, the
Offer Shares, the conditions to the Private Placement, the use of proceeds
therefrom and other non-historical statements, and the proposed Subsequent
Offering. These forward-looking statements are subject to numerous risks,
uncertainties and assumptions, changes in market conditions and other risks.
Forward-looking statements reflect knowledge and information available at, and
speak only as of, the date they are made. Except as required by law, the Company
undertakes no obligation to update or revise publicly any forward-looking
statements, whether as a result of new information, future events or otherwise,
after the date hereof or to reflect the occurrence of unanticipated events.
Readers are cautioned not to place undue reliance on such forward -looking
statements. 


Disclaimer: This announcement is made by, and is the responsibility of, the
Company. The Managers and their affiliates are acting exclusively for the
Company and no-one else in connection with the transactions described in this
announcement. They will not regard any other person as their respective clients
in relation to the transactions described in this announcement and will not be
responsible to anyone other than the Company, for providing the protections
afforded to their respective clients, nor for providing advice in relation to
the transactions described in this announcement, the contents of this
announcement or any transaction, arrangement or other matter referred to herein.
In connection with the transaction described in this announcement, the Managers
and any of their affiliates, acting as investors for their own accounts, may
subscribe for or purchase securities and in that capacity may retain, purchase,
sell, offer to sell or otherwise deal for their own accounts in such securities
of the Company or related investments in connection with the transactions
described in this announcement or otherwise. Accordingly, references in any
subscription materials to the securities being issued, offered, subscribed,
acquired, placed or otherwise dealt in should be read as including any issue or
offer to, or subscription, acquisition, placing or dealing by, the Managers and
any of their affiliates acting as investors for their own accounts. The Managers
do not intend to disclose the extent of any such investment or transactions
otherwise than in accordance with any legal or regulatory obligations to do so.

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