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ANY OF THE SECURITIES DESCRIBED HEREIN.

Oslo, 24 June 2024

Observe Medical ASA (the "Company" or "Observe Medical", OSE ticker "OBSRV")
today announces that the Company has successfully placed a private placement of
NOK 22 million with a group of existing shareholders, including Ingerø Reiten
Investment Company AS, JPB AS and ELI AS, and one new investor (the "Private
Placement").

The Private Placement comprised an offer of up to 65,000,000 shares (the "Offer
Shares"), to raise gross proceeds of minimum NOK 21,000,000 and maximum NOK
26,000,000 million at a subscription price per Offer Share of NOK 0.40 (the
"Offer Price"). In total 55,000,000 shares were subscribed for in the Private
Placement, raising gross proceeds to the Company in the amount of NOK
22,000,000. The Offer Price has been set as a result of negotiations on arm's
length.

The net proceeds from the Private Placement will be used to finance the
Company's further growth, including the Company's working capital needs in
relation to continuous product development and ramp-up of production and sales
activities, some of which are of an immediate nature.

The Private Placement is divided into two tranches, of which the first tranche
comprises 38,137,038 Offer Shares, representing just below 20% of the issued
share capital of the Company (the "Tranche 1 Offer Shares" and "Tranche 1"), and
the second tranche comprises 16,862,962 Offer Shares, representing approximately
8.84% of the issued share capital, not taking into consideration the Tranche 1
Offer Shares (the "Tranche 2 Offer Shares" and "Tranche 2"). Allocations of
Offer Shares to investors will be split between Tranche 1 and Tranche 2 on a pro
rata basis, provided, however, that certain investors have agreed to receive
their allocation in Tranche 2.  Completion of Tranche 2 is inter alia subject to
the extraordinary general meeting of the Company (the "EGM") resolving to
increase the Company's share capital by issuing the Tranche 2 Offer Shares. The
EGM is expected to be held on or about 17 July 2024. Notification of allocation
and settlement instructions for Tranche 1 and Tranche 2 (conditional allocation
for Tranche 2) will be communicated to investors on 25 June 2024.

Both Tranche 1 and Tranche 2 will be settled on a delivery-versus-payment (DVP)
basis with existing and unencumbered shares already listed on Euronext Expand,
pursuant to a share lending agreement (the "Share Lending Agreement") entered
into between the Company, certain lager shareholders of the Company (the "Share
Lenders") and Carnegie AS (the "Settlement Agent") on 24 June 2024, provided,
however, that the Share Lenders only will receive the Tranche 2 Offer Shares
allocated to them once such shares have been issued by the Company. The share
loan for Tranche 1 will be settled with new shares in the Company, resolved
issued by the board of directors pursuant to an authorisation granted to it by
the annual general meeting held on 24 May 2024 (the "Board Authorisation"),
while the share loan for Tranche 2 will be settled with new shares to be issued
by the Company following, and subject to, the EGM resolving to increase the
Company's share capital by issuing the Tranche 2 Offer Shares.

Completion of Tranche 2 is subject to (i) completion of Tranche 1, (ii) the EGM
resolving to issue the Tranche 2 Offer Shares, and (iii) the Share Lending
Agreement remaining in full force and effect (the "Tranche 2 Conditions").
Completion of Tranche 1 will not be conditional upon or otherwise affected by
the completion of Tranche 2, and the applicants' acquisition of Tranche 1 Offer
Shares will remain final and binding and cannot be revoked, cancelled or
terminated by the respective applicants if Tranche 2, for whatever reason, is
not completed. Investors being allocated Offer Shares in the Private Placement
have undertaken to vote in favour of Tranche 2 and the Subsequent Offering (as
defined below) at the EGM.

The Tranche 1 Offer Shares are tradable from allocation, while the Tranche 2
Offer Shares will be tradable, subject to, and following (i) satisfaction of the
Tranche 2 Conditions and (ii) the Company having published a stock exchange
announcement regarding the approval of Tranche 2 by the EGM.

The board of directors has today resolved to issue the Tranche 1 Offer Shares
based on the Board Authorisation. After registration of the share capital
increase, the Company's share capital will be increased by NOK 9,915,629.88, to
NOK 59,493,782.92. The total number of shares in the Company will be 228,822,242
shares, each with a nominal value of NOK 0.26.

The board of directors has carefully considered the Private Placement in light
of the equal treatment obligations under the Norwegian Public Limited Liability
Companies Act, the Norwegian Securities Trading Act, Oslo Børs Rule Book II and
Oslo Børs' guidelines on the rule of equal treatment, and is of the opinion that
the Private Placement is in compliance with these requirements. It is in this
respect relevant that the Company has an immediate need of additional equity to
finance its further growth, including working capital in relation to continuous
product development and ramp-up of production and sales activities. A rights
issue would take substantially longer to complete, which could significantly
impair the Company's situation. The board of directors has, in addition to
considering the possibility of conducting a rights issue, looked into other
financing alternatives (bank financing and direct lending) and concluded that
such alternatives are not available. Given the Company's financial situation, it
has been deemed necessary to determine the Offer Price through discussions with
investors, and the discount to the market price of the shares is deemed to have
a factual basis because the Company does not have access to alternative sources
of financing.

The board of directors will propose to the EGM that it is granted an
authorisation to carry out a subsequent offering (the "Subsequent Offering") of
up to 32,500,000 new shares in the Company, directed at shareholders in the
Company as of 24 June 2024(as registered in Euronext Securities Oslo (VPS) two
trading days thereafter) who (i) were not allocated Offer Shares in the Private
Placement, and (ii) are not domiciled in a jurisdiction where such an offer
would be unlawful or, for jurisdictions other than Norway, require any
prospectus, filing, registration or similar action (the "Eligible
Shareholders"). The Eligible Shareholders will be granted non-transferable
subscription rights to subscribe for and be allocated new shares in the
Subsequent Offering. The subscription price in the Subsequent Offering will be
equal to the Offer Price. Oversubscription will be permitted, but subscription
without subscription rights will not be permitted.

The net proceeds from the Subsequent Offering will be used for general corporate
purposes, including working capital needs in relation to continuous product
development and ramp-up of production and sales activities. The Subsequent
Offering will be conditional upon the approval of the EGM, as well as the
completion of the Private Placement. The application period for the Subsequent
Offering is expected to commence shortly after the publication of the Prospectus
(as defined below). The Company will issue a separate stock exchange
announcement with further details on the Subsequent Offering.

Against this background, the board of directors has considered the Private
Placement to be in the common interest of the Company and its shareholders. Due
to the structure of the Private Placement, the shareholders' preferential rights
will be waived.

The Company will publish a prospectus for the listing of the Tranche 2 Offer
Shares to be redelivered to the Share Lenders, subject to approval by the EGM,
as well as the offer and listing of new shares in connection with the Subsequent
Offering (the "Prospectus"). Publication of the Prospectus is subject to
approval of the Prospectus by the Norwegian Financial Supervisory Authority,
expected during September 2024. The Tranche 2 Offer Shares will, subject to the
EGM's resolution, be issued prior to approval and publication of the Prospectus,
and will thus be issued under a separate ISIN and will only be tradable on
Euronext Expand after the Prospectus has been published.

Based on the above, the board of directors has decided to propose to the EGM
that:

 i. the Company's share capital is increased by NOK 4,384,370.12 by the issuance
of 16,862,962 new shares, each with a nominal value of NOK 0.26, at a
subscription price of NOK 0.40 in connection with completion of Tranche 2