Andfjord Salmon AS: Private placement successfully completed

Sortland, 12th of June 2020:

Reference is made to the announcement from Andfjord Salmon AS (“Andfjord Salmon” or the “Company”) on 10 June 2020 regarding a contemplated private placement of new shares in the Company (the “Private Placement”).

The Company is pleased to announce that the Private Placement has been successfully completed, raising NOK 150 million in gross proceeds to the Company through allocation of 3,750,000 new shares at a price of NOK 40.00 per share. The Private Placement attracted very strong interest from high quality institutional investors and was multiple times over-subscribed. On this basis, the Private Placement was upsized from NOK 120 million at launch to NOK 150 million. As a result of the upsized transaction, the three cornerstone investors were offered and accepted a pro rata increase in their allocation of shares in the Private Placement; (i) DNB Asset Management subscribed for and was allocated shares for NOK 25 million, (ii) Nordea Investment Management subscribed for and was allocated shares for NOK 25 million and (iii) Toluma Norden AS subscribed for and was allocated shares for NOK 10 million.

The Company intends to use the net proceeds from the Private Placement to invest in the Company’s shore based salmon farming facility at Kvalnes, expansion to new areas at Breivik, Fiskenes and juvenile salmon production sites (including regulation and license processes) and infrastructure for such expansion.

Allocation to investors is expected to be communicated on or about 12 June 2020. The new shares will be delivered to investors on a delivery-versus-payment basis following the registration of the share capital increase with the Norwegian Registry of Business Enterprises and issuance of the new shares in the VPS, expected no later than 24 June 2020. Payment for the new shares is expected to be pre-paid by ABG Sundal Collier ASA pursuant to a pre-payment agreement to be entered into with the Company.

The Company's share capital following the Private Placement will be NOK 33,624,400 divided into 33,624,400 shares, each with a nominal value of NOK 1.00.

Andfjord Salmon has applied for a listing of the shares of the Company on Merkur Market (the “Listing”). Subject to necessary approvals from the Oslo Stock Exchange, the first day of trading on Merkur Market is expected to be in the week commencing 22 June 2020.

Advisors:

ABG Sundal Collier ASA (the "Manager") is engaged as sole manager and bookrunner in connection with the Private Placement and Listing. Advokatfirmaet Schjødt AS is acting as legal advisor to the Company and Advokatfirmaet Thommessen AS is acting as legal advisor to the Manager.

For more information please contact:

Martin Rasmussen, Chief Executive Officer, +47 975 08 665
Helge Krøgenes, Director Financing & Business Development, +47 930 96 109