Targovax ASA: Settlement of restricted stock units and resolution to increase the share capital

Oslo, 26 March 2020: The board of directors of Targovax ASA (OSE:TRVX) ("Targovax" or the "Company") has resolved to increase the share capital of the Company following the completion of a settlement period for vested restricted stock units ("RSUs"). The settlement period commenced on 12 March 2020 at 10:00 hours (CET) and ended on 20 March 2020 at 10:00 hours (CET).

1. Settlement of RSUs

In total 76,195 RSUs were settled, giving the board members settling vested RSUs the right to subscribe for in total 76,195 shares, each with a par value of NOK 0.10, at a subscription price of NOK 0.10 per share.

Reference is made to the mandatory notification of trade announced by the Company on 23 March 2020 on behalf of the following primary insiders announcing their respective settlement of RSUs:

– Patrick Vink, chairman of the board of directors, settled 44,286 RSUs;

– Bente-Lill Romøren, member of the board of directors, had settled 5,464 RSUs; and

– Diane Mellett, member of the board of directors, had settled 26,445 RSUs.

2. Resolution to increase the share capital in Targovax ASA

The Company's board of directors has on 25 March 2020, in accordance with the authorisation granted by the general meeting on 30 April 2019, resolved to increase the share capital of the Company with NOK 7,619.50 by issuance of 76,195 new shares, each with a par value of NOK 0.10, in order to facilitate the settlement of RSUs.

The new share capital of the Company will be NOK 7,608,749.20, divided into 76,087,492 shares, each with a par value of NOK 0.10. The share capital increase will be registered with the Norwegian Register of Business Enterprises (Nw. Foretaksregisteret) as soon as practically possible.