NOT FOR DISTRIBUTION OR RELEASE, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN
OR INTO THE UNITED STATES OF AMERICA, AUSTRALIA, CANADA, HONG KONG OR JAPAN, OR
ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL.

Frøya, Norway, 30 March 2023: Reference is made to the stock exchange release
from Ice Fish Farm AS (the "Company") published earlier today regarding a
contemplated private placement to raise gross proceeds of the NOK equivalent of
approximately EUR 44 million (the "Private Placement") by the issuance of new
shares in the Company (the "Offer Shares"). The Company hereby announces that it
has raised approximately EUR 44 million, equivalent to NOK 499,707,991.20, in
gross proceeds through a private placement of 18,105,362 new shares (the "New
Shares") at a price per share of NOK 27.60 (the "Subscription Price"). The
Private Placement took place through an accelerated bookbuilding process managed
by DNB Markets, a part of DNB Bank ASA ("DNB Markets") as Sole Global
Coordinator and Joint Bookrunner and Arion Banki hf and Nordea Bank Abp, filial
i Norge as Joint Bookrunners for the Private Placement (jointly, the
"Managers"), after close of market today.

Completion of the Private Placement and the issuance of the New Shares were
resolved by the Board of Directors of the Company (the "Board") at a Board
meeting held today pursuant to an authorization to increase the share capital
granted to the Board by the Company's extraordinary general meeting on 16 March
2023. 

The net proceeds for the Private Placement will, together with the new financing
obtained by the Company, be used towards biomass build-up and capex for 2023 and
2024.

In connection with the Private Placement, currently outstanding shareholder
loans of approximately EUR 26 million have also been converted to 10,819,927 new
shares, at the Subscription Price and based on the exchange rates published by
Norges Bank today. The Company's share capital following the Private Placement
and conversion of the shareholder loans will be NOK 12,045,071.30 divided into
120,450,713 shares, each with a par value of NOK 0.10.

Delivery versus payment settlement of the New Shares will be facilitated by
existing and unencumbered shares in the Company being borrowed by DNB Markets
from Austur Holding AS pursuant to a share lending agreement between such
parties and the Company. The shares allocated in the Private Placement will thus
be tradable from allocation. The Managers will settle the share loan with new
shares in the Company to be issued pursuant to the resolution of the Board
referred to above.

Customary lock-up agreements for a period of 180 days, with standard exemptions,
have been entered into with the Company (with a carve-out for considerations
shares in acquisitions limited to 5% of total outstanding shares), its board
members and executive management.

The Private Placement represents a deviation from the shareholders' pre-emptive
right to subscribe for and be allocated the Offer Shares. The Board has
considered the structure of the equity raise in light of the equal treatment
obligations under the Norwegian Private Limited Companies Act, the rules on
equal treatment under Euronext Growth Rule Book Part II and the Oslo Stock
Exchange's Guidelines on the rule of equal treatment, and the Board is of the
opinion that the transaction structure is in compliance with these requirements.
The share issuance has been carried out as a private placement in order for the
Company to complete the equity raise in a manner that is efficient and with a
significantly lower risk and a significantly smaller discount to the current
trading price compared to a rights issue. The Subscription Price has been set on
the basis of a publicly announced bookbuilding process and thus reflecting
market pricing of the shares.

In accordance with Euronext Growth Rule Book Part II and the Oslo Stock
Exchange's Guidelines on the rule of equal treatment and Norwegian market
practice, the Board will consider a subsequent offering of up to 1,810,536 new
shares (the "Subsequent Offering") towards shareholders of the Company as of
close of trading on 30 March 2023, as recorded in the VPS on 3 April 2023, who
(i) were not allocated Offer Shares in the Private Placement, and (ii) are not
resident in a jurisdiction where such offering would be unlawful or, would (in
jurisdictions other than Norway) require any prospectus, filing, registration or
similar action ("Eligible Shareholders").

Whether a Subsequent Offering will be proposed will inter alia depend on the
subsequent development of the Company's shares price. If proposed, the
Subsequent Offering may be required to be approved by the shareholders at an
extraordinary general meeting. If implemented, the Subsequent Offering will
ensure that Eligible Shareholders will receive the opportunity to subscribe for
new shares at the Subscription Price.

On this basis, and based on an assessment of the current equity capital markets,
the Board has considered the proposed transaction structure to be in the common
interest of the Company and its shareholders.

DNB Markets AS, a part of DNB Bank ASA is acting as Sole Global Coordinator and
Joint Bookrunner, Arion Banki hf and Nordea Bank Abp, filial i Norge are acting
as Joint Bookrunners for the Private Placement and the potential Subsequent
Offering. Advokatfirmaet Thommessen AS is acting as legal advisors to the
Company, and Advokatfirmaet Wiersholm AS is acting as legal advisor to the
Managers.

This information is subject to the disclosure requirements in section 5-12 of
the Norwegian Securities Trading Act.

For further information, please contact: 

Guðmundur Gíslason, CEO +354 89 60 426

IMPORTANT NOTICE

These materials do not constitute or form a part of any offer of securities for
sale or a solicitation of an offer to purchase securities of the Company in the
United States or any other jurisdiction. The securities of the Company may not
be offered or sold in the United States absent registration or an exemption from
registration under the U.S. Securities Act of 1933, as amended (the "U.S.
Securities Act"). The securities of the Company have not been, and will not be,
registered under the U.S. Securities Act. Any sale in the United States of the
securities mentioned in this communication will be made solely to "qualified
institutional buyers" as defined in Rule 144A under the U.S. Securities Act. No
public offering of the securities will be made in the United States.

In any EEA Member State, this communication is only addressed to and is only
directed at qualified investors in that Member State within the meaning of the
EU Prospectus Regulation, i.e., only to investors who can receive the offer
without an approved prospectus in such EEA Member State. The expression "EU
Prospectus Regulation" means Regulation (EU) 2017/1129 of the European
Parliament and of the Council of 14 June 2017 (together with any applicable
implementing measures in any Member State).

In the United Kingdom, this communication is only addressed to and is only
directed at Qualified Investors who (i) are investment professionals falling
within Article 19(5) of the Financial Services and Markets Act 2000 (Financial
Promotion) Order 2005 (as amended) (the "Order") or (ii) are persons falling
within Article 49(2)(a) to (d) of the Order (high net worth companies,
unincorporated associations, etc.) (all such persons together being referred to
as "Relevant Persons"). These materials are directed only at Relevant Persons
and must not be acted on or relied on by persons who are not Relevant Persons.
Any investment or investment activity to which this announcement relates is
available only to Relevant Persons and will be engaged in only with Relevant
Persons. Persons distributing this communication must satisfy themselves that it
is lawful to do so.

Matters discussed in this announcement may constitute forward-looking
statements. Forward-looking statements are statements that are not historical
facts and may be identified by words such as "anticipate", "believe",
"continue", "estimate", "expect", "intends", "may", "should", "will" and similar
expressions. The forward-looking statements in this release are based upon
various assumptions, many of which are based, in turn, upon further assumptions.
Although the Company believes that these assumptions were reasonable when made,
these assumptions are inherently subject to significant known and unknown risks,
uncertainties, contingencies and other important factors which are difficult or
impossible to predict and are beyond its control. Such risks, uncertainties,
contingencies and other important factors could cause actual events to differ
materially from the expectations expressed or implied in this release by such
forward-looking statements. The information, opinions and forward-looking
statements contained in this announcement speak only as at its date, and are
subject to change without notice. 

This announcement is made by and, and is the responsibility of, the Company. The
Managers are acting exclusively for the Company and no one else and will not be
responsible to anyone other than the Company for providing the protections
afforded to their respective clients, or for advice in relation to the contents
of this announcement or any of the matters referred to herein.

Neither the Managers nor any of their respective affiliates makes any
representation as to the accuracy or completeness of this announcement and none
of them accepts any responsibility for the contents of this announcement or any
matters referred to herein.

This announcement is for information purposes only and is not to be relied upon
in substitution for the exercise of independent judgment. It is not intended as
investment advice and under no circumstances is it to be used or considered as
an offer to sell, or a solicitation of an offer to buy any securities or a
recommendation to buy or sell any securities of the Company. Neither the
Managers nor any of their respective affiliates accepts any liability arising
from the use of this announcement.

The distribution of this announcement and other information may be restricted by
law in certain jurisdictions. Persons into whose possession this announcement or
such other information should come are required to inform themselves about and
to observe any such restrictions.

TARGET MARKET

The target market for the Private Placement is non-professional, professional as
well as eligible counterparties and who