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Ice Fish Farm AS ("IFF" or the "Company") is pleased to announce that it has
reached an agreement with DNB Bank ASA, Nordea Bank Abp, filial i Norge, Arion
Banki hf and Landsbankinn hf for a long-term bank financing package of up to EUR
156.2 million (the "New Financing"). The New Financing includes i) a EUR 60
million term loan facility for the refinancing of certain existing indebtedness
of the group, ii) a EUR 20 million capex facility for financing of new
equipment, upgrades to facilities, investments in barges, vessels and other
assets, iii) an up to EUR 70 million revolving credit facility to refinance
current biomass financing and for general corporate and working capital purposes
and iv) an up to EUR 6.2 million term loan facility for refinancing of certain
other existing indebtedness of the group and for financing of new equipment. The
borrowing base limitations for the revolving credit facility will be based on
value of insured biomass and eligible account receivables. In addition to the
New Financing, the Company has an optionality to draw on a short-term bridge
facility of EUR 10 million. The initial drawdown on the New Financing is
expected within Q1 2023 and remain subject to documentation and customary
conditions precedent. 

Further, it is a condition for the New Financing that the Company raises a gross
cash amount of approx. EUR 45 million in new equity, in addition to a conversion
of the currently outstanding shareholder loans of approx. EUR 25 million
(together the "Share Issue"). The Company has strong indications of support from
the majority shareholder, Måsøval Eiendom AS, and the other main shareholders,
Egghjavita ehf. and Krossey, in relation to the Share Issue. For this purpose,
the Company has appointed DNB Markets, a part of DNB Bank ASA, as Sole Global
Coordinator and Joint Bookrunner and Arion Banki hf and Nordea Bank Abp, filial
i Norge, as Joint Bookrunners. Further information on the Share Issue, including
the timeline, structure and detailed terms, will be published in due course. In
order to facilitate the Share Issue, the Company expects to shortly call for a
shareholders' meeting to request an authorization for the board of directors to
issue shares.

For further information, please contact: 

Guðmundur Gíslason, CEO of ICE FISH FARM AS: +354 8960426 (mobile) 

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

Important Notice
This announcement is not, and does not form a part of, any offer to sell, or a
solicitation of an offer to purchase, any securities of the Company. 
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 "believe", "expect", "anticipate",
"strategy", "intends", "estimate", "will", "may", "continue",  "should" 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, the 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 the
Company's control. The Company disclaims any obligation to update or revise any
forward-looking statements, whether as a result of new information, future
events or otherwise.
Actual events may differ significantly from any anticipated development due to a
number of factors, including without limitation, changes in investment levels
and need for the Company's services, changes in the  general economic, political
and market conditions in the markets in which the Company operates, the
Company's ability to attract, retain and motivate qualified personnel, changes
in the Company's ability to engage in commercially acceptable acquisitions and
strategic investments, and changes in laws and regulation and the potential
impact of legal proceedings and actions. 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
forward-looking statements. 
The Company does not provide any guarantees that the assumptions underlying the
forward-looking statements in this announcement are free from errors nor does it
accept any responsibility for the future accuracy of the opinions expressed in
this announcement or any obligation to update or revise the statements in this
announcement to reflect subsequent events. You should not place undue reliance
on the forward-looking statements in this document.