Norse Atlantic ASA: Key information regarding proposed subsequent offering

25 Nov 2022 08:45 CET

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

Arendal, 25 November 2022: Reference is made to the stock exchange announcement
published by Norse Atlantic ASA (the "Company") on 25 November 2022 regarding
the successful completion of a conditional private placement of 120,000,000 new
shares in the Company at a subscription price of NOK 2.5 (the "Offer Price"),
raising gross proceeds of NOK 300,000,000 (approximately USD 30 million) (the
"Private Placement"), and a proposed subsequent share offering of up to
60,000,000 new shares at the Offer Price (the "Subsequent Offering").

The Company has, subject to completion of the Private Placement, approval by an
extraordinary general meeting (the "EGM", expected to be held on or about 9
December 2022) and certain other conditions, resolved to carry out the
Subsequent Offering. The Subsequent Offering will consist of up to 60,000,000
new shares which, subject to applicable securities law, will be directed towards
existing eligible shareholders in the Company as of 24 November 2022 (as
registered with 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 offering would be unlawful, or would (in jurisdictions
other than Norway) require any prospectus filing, registration or similar
action. Completion of the Subsequent Offering will be subject to (i) completion
of the Private Placement, (ii) relevant corporate resolutions including approval
by the Company's board of directors and the EGM and a resolution by the EGM to
grant the Company's board of directors an authorisation to issue the new shares
in the Subsequent Offering, (iii) prevailing market price of the Company's
shares, including the trading price of the Company's shares exceeding the Offer
Price and (iv) the approval and publication of an offering prospectus approved
by the Financial Supervisory Authority of Norway, which will be issued as soon
as practical following completion of the Private Placement. The subscription
period for the Subsequent Offering will commence as soon as possible following
the publication of such prospectus. The Company reserves the right, in its sole
discretion, to cancel the Subsequent Offering.

In accordance with the continuing obligations for companies listed on the
Euronext Growth Oslo, the following key information is given with respect to the
Subsequent Offering:

· Date of announcement of terms: 24 November 2022

· Last trading day including right to receive subscription rights: 24 November
2022

· First trading day excluding right to receive subscription rights: 25
November 2022

· Record date: 28 November 2022

· Date of approval: on or about 9 December 2022

· Maximum number of new shares to be issued: up to 60,000,000 shares

· Subscription price: NOK 2.5

For further information, please contact:

Ben Boiling, Chief Financial Officer

Phone: +47 912 40 945

Email: ben.boiling@flynorse.com

About Norse

Norse is a new airline that offers affordable fares on long-haul flights,
primarily between Europe and the United States. The company was founded by CEO
and major shareholder Bjørn Tore Larsen in March 2021. Norse has a fleet of 15
modern, fuel-efficient and more environmentally friendly Boeing 787 Dreamliners
that will serve destinations including New York, Los Angeles, Fort Lauderdale,
Orlando, Oslo, London, Berlin and Paris. The company's first flight took off
from Oslo to New York on June 14, 2022.

This information is published in accordance with the requirements of the
Continuing Obligations for companies listed on Euronext Growth Oslo.

IMPORTANT INFORMATION

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. 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.

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 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 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 "Prospectus Regulation"
means Regulation (EU) 2017/1129, as amended (together with any applicable
implementing measures) in any 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.

The issue, subscription or purchase of shares in the Company is subject to
specific legal or regulatory restrictions in certain jurisdictions. Neither the
Company nor the Managers assume any responsibility in the event there is a
violation by any person of such restrictions. The distribution of this release
may in certain jurisdictions be restricted by law. Persons into whose possession
this release comes should inform themselves about and observe any such
restrictions. Any failure to comply with these restrictions may constitute a
violation of the securities laws of any such jurisdiction.

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 believe that these assumptions were reasonable
when made, these 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 their control. 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 such forward-looking statements. The Company does not make any
guarantee 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 the 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.

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 of the Company.

The distribution of this announcement and other information may be restricted by
law in certain jurisdictions. Persons into whose possession this announcement or
such other information should come are required to inform themselves about and
to observe any such restrictions.

This announcement is an advertisement and is not a prospectus for the purposes
of the Prospectus Regulation as implemented in any Member State.

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