PRIVATE PLACEMENT PROVIDES PLATFORM FOR GROWTH FOR SALMON EVOLUTION

Private Placement provides platform for growth for Salmon Evolution. Following the stock exchange announcement by Salmon Evolution Holding AS published on 10 March 2021, regarding a contemplated private placement of new ordinary shares, the Private Placement has now been successfully placed through the conditional allocation of 83,333,333 shares each at a subscription price of NOK 6.00 per share, raising gross proceeds of approximately NOK 500 million.

Norwegian company Salmon Evolution AS was established in 2017 to pursue salmon farming on land, and the net proceeds from the Private placement will be used to fully fund part of the Company’s currently estimated project costs for Phase 1 development at Indre Harøy site, subject to finalisation and availability of debt facilities. It will also fully fund the company’s currently estimated equity need of approx. NOK 200 million for the recently announced contemplated joint venture in South Korea with Dongwon Industries, subject to inter alia finalisation of agreements, project plan and availability of debt financing, and also general corporate purposes.

This new Private Placement attracted strong interest from Norwegian, Nordic and international high-quality institutional investors and was significantly oversubscribed. The following primary insiders and their close associates (PDMR/PCA) were allocated shares in the Private Placement:

• Ronja Capital II AS, a person closely associated with Chairman Tore Tønseth, was allocated 1,666,666 New Shares in the Private Placement and will following completion of the Private Placement hold 26,687,687 shares in the Company.
• Dongwon Industries Co., Ltd., a person closely associated with board member Yun Ki Yun, was allocated 4,416,666 New Shares in the Private Placement and will following completion of the Private Placement hold 16,044,572 shares in the Company.
• Rofisk AS, a person closely associated with board member Glen Bradley, was allocated 1,166,666 New Shares in the Private Placement and will following completion of the Private Placement hold 13,274,174 shares in the Company
• Kjølås Stansekniver AS, a person closely associated with board member Frode Kjølås, was allocated 833,333 New Shares in the Private Placement and will following completion of the Private Placement hold 10,539,339 shares in the Company
• Møring AS, a person closely associated with board member Frode Kjølås, was allocated 666,666 New Shares in the Private Placement and will following completion of the Private Placement hold 2,666,666 shares in the Company
• Stette Invest AS, a person closely associated with board member Peder Stette, was allocated 833,333 New Shares in the Private Placement and will following completion of the Private Placement hold 11,236,005 shares in the Company
• Bortebakken AS, a person closely associated with board member Kristofer Reiten, was allocated 252,033 New Shares in the Private Placement and will following completion of the Private Placement hold 980,033 shares in the Company
• Trond Håkon Schaug-Pettersen, CFO of the Company, was allocated 166,666 New Shares in the Private Placement and will following completion of the Private Placement hold 166,666 shares in the Company.

In connection with the Company’s shares being admitted to trading on Euronext Growth (Oslo) on 18 September 2020, members of the Company’s board and management as well as certain other large shareholders entered into a lock-up undertaking for a period of 6 – 12 months from the Company’s first day of trading on Euronext Growth, applicable to any shares held by them or acquired during the lock-up period. Such lock-up will accordingly also apply to any New Shares allocated to the relevant shareholders.