The book-building process for the Private Placement has been successfully completed, raising gross proceeds of approximately NOK 365 million, through the allocation of 48,666,666 new shares in the Company (the "Offer Shares"), each at a subscription price of NOK 7.50 per Offer Share (the "Offer Price").

• Ronja Capital AS, a company closely related to Tore A. Tønseth (Chairperson of the Board), was allocated 2,266,666 Offer Shares;
• Bondø Invest AS, a company closely related to Vibecke Bondø (Board member), was allocated 2,666,666 Offer Shares;
• Dongwon Industries, a company closely related to Eunhong Min (Board member), was allocated 1,888,266 Offer Shares;
• Stette Invest AS, a company closely related to Peder Stette (Board member), was allocated 666,666 Offer Shares;
• Jawendel AS, a company closely related to Jan-Emil Johannessen (Board member), was allocated 133,333 Offer Shares;
• Troha Invest AS, a company closely related to Trond Håkon Schaug-Pettersen (CEO), was allocated 100,000 Offer Shares;
• Trollkyrkja AS, a company closely related to Trond Vadset Veibust (CFO), was allocated 35,000 Offer Shares; and
• Anno Invest AS, a company closely related to Odd Frode Roaldsnes (CCO), was allocated 25,000 Offer Shares.

Settlement and Dates

The board of directors (the "Board") has resolved to issue 48,666,666 new shares pertaining to the Offer Shares at the Offer Price allocated in the Private Placement, pursuant to the Board authorisation to issue new shares (the "Board Authorisation") granted by the Company's annual general meeting held on 5 June 2024 and delivery versus payment ("DVP") settlement is expected to be facilitated by a pre-funding agreement between the Company and the Managers (the "Pre-funding Agreement").

The Offer Shares allocated to applicants in the Private Placement will be tradable after the announcement by the Company of the share capital increase pertaining to the Private Placement has been registered with the Norwegian Register of Business Enterprises (the "NRBE"), which is expected on or about 20 June 2024 (T+1).

Notices of allocation of Offer Shares are expected to be distributed to the applicants being allocated Offer Shares in the Private Placement ("Applicants") on 19 June 2024 (T). Settlement of Offer Shares in the Private Placement is expected to take place on or about 21 June 2024 (T+2) on a DVP basis.

Completion of the Private Placement by delivery of the Offer Shares to Applicants is subject to the registration of the share capital increase in the NRBE.

1,888,266 of the Offer Shares are expected to be issued according to an extended timeline and are therefore not part of the Pre-funding Agreement and DVP arrangement described above.   

Following registration of the share capital increase pertaining to the Offer Shares in the Private Placement excluding the above mentioned Offer Shares subject to the extended timeline, the issued share capital of the Company is expected to be NOK 23,035,752 comprising 460,715,040 shares, each with a nominal value of NOK 0.05. When including the share capital increase pertaining to the Offer Shares subject to the extended timeline, the share capital is expected to be NOK 23,130,165.30 comprising 462,603,306 shares, each with a nominal value of NOK 0.05.

Equal Treatment

The Private Placement involves that the shareholders' preferential rights to subscribe for and being allocated the Offer Shares are set aside. The Board has considered the structure of the equity raise in light of the equal treatment obligations under the issuer rules of Oslo Børs and the provision on preferential rights of the existing shareholders in section 10-4 of the Norwegian Public Limited Liability Companies Act and the Oslo Stock Exchange's Guidelines on the rule of equal treatment. The Board is of the view that it is in the common interest of the Company and its shareholders to raise equity through a private placement. A private placement enables the Company to secure the currently estimated equity portion of the second phase build-out on Indre Harøy, including the potential additional tank capacity, in conjunction with and to satisfy in an efficient manner the condition to raise new equity of minimum NOK 300 million under the commitment letter from the lenders under the Company's existing NOK 1,550 million green loan facilities to increase such debt facility as announced by the Company earlier today. Further, a private placement will reduce execution and completion risk and allows for the Company to raise capital more quickly, as well as to utilize current market conditions and raise capital at a lower discount compared to a rights issue and without the underwriting commissions normally seen with rights offerings.

Advisors

The Company has appointed and Arctic Securities AS, DNB Markets, a part of DNB Bank ASA, and Nordea Bank Abp. filial i Norge as Joint Global Coordinators and Joint Bookrunners. Advokatfirmaet BAHR AS is acting as legal advisor to the Company.