Andfjord Salmon Group AS - Cancellation of Subsequent Offering

26 Jun 2024 08:00 CEST

26.6.2024 08:00:01 CEST | Andfjord Salmon | Total number of voting rights and
capital

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN
AUSTRALIA, CANADA, THE HONG KONG SPECIAL ADMINISTRATIVE REGION OF THE PEOPLE'S
REPUBLIC OF CHINA, SOUTH AFRICA, NEW ZEALAND, JAPAN, THE UNITED STATES, THE
UNITED KINGDOM OR ANY OTHER JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR
DISTRIBUTION WOULD BE UNLAWFUL.

Reference is made to the stock exchange notice published by Andfjord Salmon
Group AS (the "Company") on 22 May 2024 regarding the successful private
placement of 10,606,060 new shares in the Company (the "Private Placement"), and
that the Company intended to carry out a subsequent offering of up to 796,530
new shares in the Company (the "Subsequent Offering"), depending, inter alia, on
the development of the price of the shares in the Company after completion of
the Private Placement.

The board of directors of the Company has decided not to proceed with the
Subsequent Offering.

The background for the cancellation is that the Company's shares have traded
below the subscription price in the Private Placement for a substantial period
of time and at sufficient volumes. Shareholders wishing to reduce the dilutive
effect of the Private Placement have thus had the opportunity to purchase shares
in the market at prices below the price which would have been the subscription
price in the Subsequent Offering.

CONTACTS

* Investors: Bjarne Martinsen, CFO, Andfjord Salmon AS, +47 975 08 345,
bjarne.martinsen@andfjord.no
* Media: Martin Rasmussen, CEO, Andfjord Salmon AS, +47 975 08 665,
martin@andfjord.no

ABOUT ANDFJORD SALMON

Located at Andøya on the Arctic Archipelago of Vesterålen, Norway, Andfjord
Salmon is developing the world's most sustainable and fish-friendly aquaculture
facility of its kind. Through a proprietary flow-through system, Andfjord Salmon
combines the best from ocean and land-based salmon farming. In its first
production cycle, the company achieved an industry-leading survival rate of 97.5
percent, feed conversion ratio of 1.05, superior share of 91.1 percent, and
required 1 kWh to produce one kilo of salmon. Andfjord Salmon has identified a
roadmap towards a production capacity of 40,000 tonnes HOG at Kvalnes, Andøya,
and set a long-term ambition to reach 90,000 tonnes HOG across Kvalnes, Breivika
and Fiskenes at Andøya. For more information, see www.andfjordsalmon.com -
http://www.andfjordsalmon.com/.

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