NORCOD AS: Final result of Subsequent Offering

04 Apr 2025 21:00 CEST

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART DIRECTLY OR
INDIRECTLY, IN OR INTO AUSTRALIA, CANADA, JAPAN, HONG KONG, SOUTH AFRICA 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.

Reference is made to the stock exchange notice from Norcod AS ("Norcod" or the
"Company") on 21 March 2025 regarding the start of the subscription period in
the subsequent offering (the "Subsequent Offering") of up to 1,666,666 new
shares (the “Offer Shares”) at a subscription price of NOK 12 per Offer Share
(the "Offer Price").

The subscription period for the Subsequent Offering ended on Friday 4 April 2025
at 16:30 CEST. By the end of the subscription period, the Company had received
valid subscriptions for 132,184 shares in the Subsequent Offering. The board of
the Company has today, pursuant to the authorisation granted by the Company's
general meeting held on 14 March 2025, resolved that a total of 132,184 Offer
Shares will be allocated at the Offer Price in accordance with the allocation
criteria set out in the national prospectus dated 20 March 2025 prepared by the
Company in connection with the Subsequent Offering, raising gross proceeds of
NOK 1,586,208.

Notifications of allocated Offer Shares in the Subsequent Offering and the
corresponding amount to be paid by each subscriber will be sent out in a
separate letter to each subscriber. Investors that are allocated Offer Shares
can access information on the number of Offer Shares allocated through VPS on 7
April 2025. The due date for payment of the Offer Shares is on 9 April 2025.

Subject to duly and timely payment of the Offer Shares by the subscribers, the
share capital increase pertaining to the Offer Shares is expected to be
registered in the Norwegian Register of Business Enterprises on or about 14
April 2025 and will be delivered to the VPS accounts of the subscribers shortly
thereafter. The Offer Shares will have equal rights and rank pari passu with the
Company's other shares.

Advisors

DNB Markets, a part of DNB Bank ASA, is acting as bookrunner for the Subsequent
Offering (the "Manager").
Advokatfirmaet Haavind AS is acting as legal counsel to Norcod.

For more information, please contact:

Christian Riber, CEO
Tel: +47 905 37 990, E-mail: cr@norcod.no

Stian Vollan-Hansen, CFO
Tel: +47 481 78 846 , E-mail: svh@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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