Result from bondholders' meeting

24 Apr 2023 17:14 CEST

24 April 2023 – Proximar Seafood AS (the "Company")- 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”).

Reference is made to the previous announcement dated 21 April 2023, related to
the summons to a Bondholders’ Meeting, in which the Company proposed that the
Bondholders resolve to amend the Bond Terms in order to facilitate a future
Share Issue by the Company, by amending 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.

The Company is pleased to announce that the Bondholders’ Meeting was held today
and the proposed resolution was approved. Please see the attached minutes from
the Bondholders’ Meeting. All capitalised terms used, but not defined herein,
shall have the same meaning assigned to them in the Bond Terms.

This result ensures 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 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.

More information:
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588371_NO0012733387_NB_20230424.pdf