Nordic Unmanned ASA - Announcement of successful private placement

31 Oct 2024 21:35 CET

31.10.2024 21:35:00 CET | Nordic Unmanned | Total number of voting rights and
capital

31 October 2024 21:35 CET | Nordic Unmanned

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN CANADA,
JAPAN, AUSTRALIA OR THE UNITED STATES, OR ANY OTHER JURISDICTION IN WHICH SUCH
RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL. THIS ANNOUNCEMENT DOES
NOT CONSTITUTE AN OFFER OF ANY OF THE SECURITIES DESCRIBED HEREIN.

Reference is made to the stock exchange announcement on 30 October 2024
published by Nordic Unmanned ASA ("Nordic Unmanned" or the "Company") (ticker:
NUMND) regarding a contemplated private placement of new ordinary shares in the
Company (the "Offer Shares"), for gross proceeds of NOK 45 million (the "Offer
Size") (the "Private Placement").

The Company is pleased to announce that the Private Placement has been
successfully placed, through an allocation of 90,000,000 new shares in the
Company at a price of NOK 0.50 per share (the "Offer Price"), for gross proceeds
of NOK 45 million after close of markets on 31 October 2023.

The net proceeds to the Company from the Private Placement will be used to
finalize the ongoing turnaround, fund working capital requirements, improve
manufacturing capabilities and obtain expected contract awards, while executing
the strategic review of flight services, ultimately securing a positive
cash-flow from second half of 2025.

The following persons discharging managerial responsibilities and close
associates have been allocated Offer Shares in the Private Placement, as
follows:

* Tjelta Eiendom AS, a company closely associated with chair of the board Viggo
Tjelta: 50,000,000 Offer Shares
* Ålgård Holding AS, a company closely associated with board member Erik
Ålgård: 400,000 Offer Shares
* EAAH INVEST AS, a company closely associated with board member Erik Ålgård:
200,000 Offer Shares

A stock exchange release on transactions carried out by persons discharging
managerial responsibilities and close associates in accordance with the EU
Market Abuse Regulation will be published separately.

Assuming the Private Placement is completed by approval of the EGM (as defined
below), Tjelta Eiendom AS will after the delivery of the shares in the Private
Placement hold 57,313,745 shares in the Company, equal to 53.4% of the total
number of issued shares and votes in the Company after the Private Placement.

Conditions for completion

Completion of the Private Placement is still subject to (i) an extraordinary
general meeting of the Company (the "EGM") resolving to approve the Private
Placement, the issuance of the Offer Shares, and a share capital reduction in
the Company by reducing the par value of the Company's shares from the current
NOK 1.00 to NOK 0.25 (the "Share Capital Reduction"), (ii) the Pre-Payment
Agreement (as defined below) and the Liquidity Bridge (as defined below)
remaining in full force and effect, (iii) the share capital increase pertaining
to the issuance of the allocated Offer Shares being validly registered with the
Norwegian Register of Business Enterprises (the "NRBE"), and (iv) the allocated
Offer Shares being validly issued and registered in the Norwegian Central
Securities Depository (Euronext Securities Oslo or the "VPS") (jointly the "
Conditions").

The EGM will be called for as soon as possible after expiry of the Application
Period and the Board having approved the allocation of Offer Shares and is
expected to be held on or about 15 November 2024.

The Private Placement will be cancelled if the Conditions are not met. Neither
the Manager nor the Company will be liable for any losses by applicants if the
Private Placement is cancelled and/or modified, irrespective of the reason for
such cancellation or modification.

Settlement

The date for settlement of the Private Placement is expected to be on or about
20 November 2024 (the "Settlement Date"), subject to, among other things, the
actual date of the EGM, handling time for registration of the share capital
increase relating to the Private Placement in the NRBE and fulfillment of the
Conditions.

The Offer Shares are expected to be pre-paid by the Manager pursuant to a
pre-payment agreement (the "Pre-Payment Agreement") expected to be entered into
between the Company and the Manager, in order to facilitate prompt registration
of the share capital increase pertaining to the issue of Offer Shares in the
NRBE and delivery-versus-payment (DVP) settlement with investors.

The Offer Shares allocated in the Private Placement will be tradable on Euronext
Growth Oslo when the new share capital relating to the Private Placement has
been registered with the NRBE and the Offer Shares have been registered by the
VPS, expected on or about 19 November 2024, subject to the Conditions having
been met. The Company will announce when such registration has taken place.

The Share Capital Reduction will become effective at the same time as the
issuance of the Offer Shares, without a creditor notice period, as the increase
in share capital resulting from the Private Placement is larger than the Share
Capital Reduction. Conditional upon the Private Placement and the Share Capital
Reduction being completed, the Company will have 107,336,313 shares issued and
outstanding following registration of the share capital increase pertaining to
the Private Placement with the NRBE, each with a par value of NOK 0.25.

Lock-ups

The Company, Tjelta Eiendom AS, SpareBank 1 Sør-Norge ASA, Eksportfinansiering
Norge and members of the Company's executive management have agreed to a 6-month
lock-up period, subject to customary exemptions in connection with the Private
Placement.

Liquidity Bridge

To provide the Company with early access to a portion of the Private Placement
proceeds, Tjelta Eiendom AS (the largest shareholder in the Company owning
approx. 42.2% pre-Private Placement) has agreed to enter into an agreement with
the Company to provide a liquidity bridge facility in the amount of NOK
17,500,000 as advance payment of a portion of its allocation in the Private
Placement (the "Liquidity Bridge"). The Liquidity Bridge will be converted into
equity at the EGM as part of the issuance of shares in the Private Placement.

Subsequent offering and equal treatment considerations

The Company has considered the Private Placement in light of the equal treatment
obligations under the Norwegian Securities Trading Act, the Euronext Growth Rule
Book Part II and Oslo Børs' circular no. 2/2014, and the Board is of the opinion
that the waiver of the preferential rights inherent in a private placement,
taking into consideration the time, costs and risk of alternative methods of
securing the desired funding, is in the common interest of the shareholders of
the Company. When reaching this conclusion, the Board also emphasized that it
would consider carrying out the Subsequent Offering (as defined below),
depending on, amongst other things, the development in the market price of the
Company's shares following settlement of the Private Placement.

The Company will, subject to completion of the Private Placement and certain
other conditions, carry out a subsequent repair offering of up to NOK 10
million, which is equivalent to 20,000,000 new shares, at the Offer Price in the
Private Placement (the "Subsequent Offering"). The Subsequent Offering, if
carried out, will primarily, subject to applicable securities law, be directed
towards existing shareholders in the Company as of 31 October 2024 (as
registered in the VPS two trading days thereafter), who (i) were not included in
the pre-sounding 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 (the "
Eligible Shareholders"). These Eligible Shareholders will receive
non-transferable subscription rights in the subsequent repair offering. However,
subscription without subscription rights from investors other than the Eligible
Shareholders will also be allowed in the subsequent repair offering.

The allocation hierarchy in the Subsequent Offering will be as follows:



1. Shares shall be allocated to Eligible Shareholders who have subscribed with
subscription rights.
2. Unallocated shares following a) shall be allocated to Eligible Shareholders
who have over-subscribed with subscription rights (on a pro rata basis).
3. Unallocated shares following b) shall be allocated to investors other than
the Eligible Shareholders who have subscribed without subscription rights
(the Board reserves the right to allocate c) at their sole discretion (in
consultation with the Manager)).



The potential Subsequent Offering will be subject to, among other things,
approval by the Board. Launch of a Subsequent Offering, if carried out, may also
be contingent on publishing of a prospectus.

Advisors

Pareto Securities AS is acting as sole global coordinator and sole bookrunner
(the "Manager") in connection with the Private Placement.

Advokatfirmaet Schjødt AS is acting as legal counsel to the Company in
connection with the Private Placement.

Contacts

* Stig H. Christiansen, CEO, Nordic Unmanned ASA, +47 478 07 813,
shc@nordicunmanned.com

* Tarjei Lode, CFO, Nordic Unmanned ASA, +47 469 37 008, tl@nordicunmanned.com



Disclosure

This information is considered to be inside information pursuant to the EU
Market Abuse Regulation (MAR) and is subject to the disclosure requirements
pursuant to MAR article 17 and section 5-12 of the Norwegian Securities Trading
Act. This stock exchange announcement was published by Tarjei Lode, CFO, on 31
October 2024, at 21:35 (CET).

About Nordic Unmanned

NU Group is a leading European provider of advanced drones, sensors, AI-powered
drone solutions, and UAS-agnostic drone-as-a-service operations. The Company
serves government agencies, Ministries of Defence, security clients, and
corporate clients, offering cutting-edge technology solutions for a wide range
of applications, including:

* Empowering defenders and protect lives

* Autonomous efficiency and optimized operations

* Safe and environmentally friendly collection of live, actionable data insights

Founded in Norway in 2014, NU Group has offices in Sandnes (NO), Cranfield (UK),
Hasselt (BE) and Arnsberg (GER). Nordic Unmanned ASA employs approx. 100 FTEs
and is listed on Euronext Growth with the ticker NUMND. The Group's operating
history is 20 years based on AirRobot in Germany.

For more information visit - https://www.nugroup.no/

Important notice

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

The securities referred to in this announcement have not been and will not be
registered under 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 or their securities 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 EEA 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 expression
"Prospectus Regulation" means Regulation 2017/1129 as amended together with any
applicable implementing measures in any EEA 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.

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 believes that these assumptions were
reasonable when made, the 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 the
Company's control.

Actual events may differ significantly from any anticipated development due to a
number of factors, including without limitation, changes in investment levels
and need for the Company's services, changes in the general economic, political
and market conditions in the markets in which the Company operates, the
Company's ability to attract, retain and motivate qualified personnel, changes
in the Company's ability to engage in commercially acceptable acquisitions and
strategic investments, and changes in laws and regulation and the potential
impact of legal proceedings and actions. 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
forward-looking statements. The Company does not provide any guarantees 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 any 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. Neither the Manager nor any of its affiliates make
any representation as to the accuracy or completeness of this announcement and
none of them accept any responsibility for the contents of this announcement or
any matters referred to herein.

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 in the Company. Neither the Manager
nor any of its affiliates accept any liability arising from the use of this
announcement.

This announcement is an advertisement and is not a prospectus for the purposes
of Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14
June 2017 on prospectuses to be published when securities are offered to the
public or admitted to trading on a regulated market, and repealing Directive
2003/71/EC (as amended) as implemented in any Member State.

DISCLOSURE REGULATION

This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.

CONTACTS

* Stig H. Christiansen, CEO, Nordic Unmanned ASA, +47 478 07 813,
shc@nordicunmanned.com
* Tarjei Lode, CFO, Nordic Unmanned ASA, +47 46937008, tl@nordicunmanned.com

ABOUT NORDIC UNMANNED

Nordic Unmanned is a leading European manufacturer (OEM) and certified operator
of unmanned aircraft systems ("UAS").

We are serving large corporations, government agencies and security customers by
offering systems, solutions and flight services for environmentally friendly
delivery of productivity improvements and time critical, actionable data
insights and logistics services.

Our solutions and services are organized in the three business segments as
follows:

Flight Services: is a technology-agnostic flight services operator providing
time-critical actionable data to large corporate and governmental customers. The
segment also includes NUAer AS and Resale.
AirRobot: is an Equipment Manufacturer (OEM) with a leading product platform in
lightweight drones and sensors (payloads) tailored for defense and security.
DroneMatrix: is an Equipment Manufacturer (OEM) offering a fully integrated and
autonomous drone system with proprietary software for surveillance and security.

Nordic Unmanned is ISO 9001:2015 and ISO 14001:2015 certified for the operation,
maintenance, and sales of unmanned systems and sensor technology. AirRobot is
ISO 9001:2015 and EN 9100:2018 certified for its development and production
capabilities of unmanned systems.

Founded in Norway in 2014, Nordic Unmanned has offices in Sandnes (NO),
Cranfield (UK), Hasselt (BE) and Arnsberg (GER). Nordic Unmanned also comprise
joint venture - Omni Unmanned SA with OHI Group SA (registered in Luxemburg) and
joint venture - NUAer AS with Aeromon OY (registered in Norway).

For more information visit - https://nordicunmanned.com/



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