NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART DIRECTLY OR
INDIRECTLY, IN AUSTRALIA, CANADA, JAPAN, HONG KONG OR THE UNITED STATES OR ANY
OTHER JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE
UNLAWFUL.

Reference is made to the stock exchange notice from Norcod AS ("Norcod" or the
"Company") on 27 February 2024 regarding the contemplated private placement. As
previously announced, the Company's largest shareholders, representing in total
66.65 % of the shares in the Company, has pre-committed to subscribe for in
total NOK 100.5 million at the Offer Price. The Company has also received
confirmation from a new high-quality long-term industrial investor that such
investor will participate in the Private Placement with NOK 52.4 million at the
Offer Price, subject to being allocated the full subscription amount and
approval by the extraordinary general meeting of nomination of a representative
to the board of directors of the Company (together the "Previously Announced
Investors"). Further to that, the Company has received further indications of
interest such that the total precommitments and indications of interest exceeds
the previously communicated offer size of NOK 100 - 150 million.

Today the Company intends to raise proceeds of NOK 150 - 175 million (the "Offer
Range") at a price of NOK 12.00 per share (the "Offer Price"), implying issuance
of between 12,500,000 and 14,583,333 new shares (the "Offer Shares") (together
the "Private Placement"). ABG Sundal Collier ASA acts as sole bookrunner for the
Private Placement (the "Manager").

The net proceeds from the Private Placement will be used to fund working capital
and for general corporate purposes as previously announced in the Company's Q4
Financial report for 2023.

The following primary insiders and close associates have, subject to certain
conditions, pre-committed to subscribe for Offer Shares in the Private Placement
as set out below:
-	Artha Kapitalforvaltning has pre-committed to subscribe for a number of Offer
Shares equal to NOK 73 million in the Private Placement.
-	Sirena Group has pre-committed to subscribe for a number of Offer Shares equal
to NOK 10 million in the Private Placement.

The Private Placement will be directed towards Norwegian and international
investors, in each case subject to an exemption being available from offer
prospectus requirements and any other filing or registration requirements in the
applicable jurisdictions and subject to other selling restrictions. 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 offer prospectus
requirement pursuant to the Norwegian Securities Trading Act and ancillary
regulations are available.

The Private Placement will be conducted as an accelerated bookbuilding process,
where  the bookbuilding period (the "Book Building Period") commences today at
16:30 CET and will close 1 March at 08:00 CET. The Bookbuilding Period may, at
the discretion of the Company and the Manager, close earlier or later and may be
cancelled at any time and consequently, the Company may refrain from completing
the Private Placement. The allocation of Offer Shares will be determined at the
end of the Bookbuilding Period and the final allocation will be made at the sole
discretion of the Board. The Company will announce the final number of Offer
Shares placed in a stock exchange announcement expected to be published before
the opening of trading on the Oslo Stock Exchange on 1 March 2024. Completion of
the Private Placement is subject to final approval by the Company's board of
directors (the "Board") and the Shere Lending Agreements (defined below) not
being terminated prior to allocation.

The Offer Shares, other than those subscribed by the Previously Announced
Investors, is expected to be settled on a delivery versus payment basis on or
about 5 March 2024 by delivery of existing and unencumbered shares in the
Company that are already listed on Euronext Growth Oslo pursuant to a share
lending agreements (the "Share Lending Agreements") entered into between the
Company, the Manager, Ronja Capital AS and Sirena Group AS . Shares subscribed
by the Previously Announced Investors  will be issued and delivered following an
extraordinary general meeting of the Company expected to be held on or about 15
March 2024 (the "EGM"), and will also be used to settle the share loan pursuant
to the Share Lending Agreements.

Allocation will be based on criteria such as (but not limited to), timeliness of
the application, relative order size, sector knowledge, investment history,
perceived investor quality and investment horizon. The Board may, at its sole
discretion, reject and/or reduce any applications. There is no guarantee that
any applicant will be allocated Offer Shares. Notification of conditional
allocation is expected to be issued to the applicants on or about 1 March 2024
through a notification to be issued by the Company.

The Board has considered the Private Placement in light of the equal treatment
obligations under the Norwegian Private Limited Liability Companies Act, and the
rules of equal treatment set out in the Continuing obligations for companies
admitted to trading on Euronext Growth and Oslo Børs' guidelines on the rules of
equal treatment, and is of the opinion that the proposed Private Placement is in
compliance with these requirements. The Board has considered alternative
structures for the raising of new equity. Following careful considerations, 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 setting aside the
pre-emptive rights of the shareholders. By structuring the transaction as a
private placement, the Company expects to be in a position to complete the share
issue in today's market conditions in an efficient manner and at a higher
subscription price than would have been the case for a rights issue. In the
assessment it has also been taken into consideration that the Private Placement
is subject to a publicly announced bookbuilding process. Taking into
consideration the time, costs and expected terms of alternative methods of the
securing the desired funding, the Board has concluded that offering new shares
in a private placement on acceptable terms at this time is in the common
interest of the shareholders of the Company. 

The Company may, subject to completion of the Private Placement and the Board of
Directors being granted an authorization to this effect at the EGM, consider
conducting a subsequent repair offering of new shares (the "Subsequent
Offering"). If carried out, the size and structure of the Subsequent Offering
shall be in line with market practice and be directed towards existing eligible
shareholders in the Company as of 29 February 2024  (as registered in the VPS
two trading days thereafter) (the "Record Date") who i) were not allocated Offer
Shares in the Private Placement, (ii) were not contacted during pre-sounding
ahead of announcement of the Private Placement, and (iii) are not resident in a
jurisdiction where such offering would be unlawful or, would (in jurisdictions
other than Norway and any other jurisdiction(s) decided by the board of
directors) require a prospectus, registration document or similar action (the
"Eligible Shareholders"). The Subsequent Offering will be subject to approval by
the EGM, whereas the Eligible Shareholders will receive non-tradeable
subscription rights based on their registered shareholdings as at the Record
Date. Completion of the Subsequent Offering will be subject to (i) completion of
the Private Placement, (ii) relevant corporate resolutions, including the EGM,
(iii) the trading price of the Company's shares exceeding the Subscription Price
and (iv) the publication of a prospectus (the "Prospectus") by the Company. The
subscription period for any Subsequent Offering (if made) is expected to
commence shortly after the EGM.

Completion of the Private Placement is conditional upon (i) approval of the
Private Placement by the Board, (ii) approval of the Private Placement and other
corporate resolutions pertaining thereto at the EGM (with respect to the shares
being issued to the Previously Announced Investors), and iii) the Offer Shares
having been validly issued (by registration of the share capital increase
pertaining to the issuance of the Offer Shares in the Norwegian Register of
Business Enterprises) and delivered in the VPS. 

Advokatfirmaet Haavind AS is acting as legal advisor for Norcod in connection
with the Private Placement.


For further information, please contact: 
Christian Riber,
CEO, Norcod AS
Tel: +47 905 37 990
E-mail: cr@norcod.no

About Norcod
Norcod AS' core business is commercial sea farming of cod but through ownership
and partnerships is involved in the entire value chain. Norcod's existing fish
farms are located in Mid-Norway with ideal conditions for cod. The company is
contributing to blue ocean value creation with minimal impact on the environment
while supporting local communities. Norcod is listed on Oslo's Euronext Growth
market.

This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act and the EU Market Abuse Regulation
(MAR).

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