NOT FOR DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED
STATES, CANADA, AUSTRALIA, THE HONG KONG SPECIAL ADMINISTRATIVE REGION OF THE
PEOPLE'S REPUBLIC OF CHINA OR JAPAN OR ANY OTHER JURISDICTION IN WHICH THE
DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL. OTHER RESTRICTIONS ARE APPLICABLE.
PLEASE SEE THE IMPORTANT NOTICE AT THE END OF THIS STOCK EXCHANGE.

Reference is made to Targovax ASA's (the "Company") stock exchange announcement
published on 4 November 2021, regarding a proposed fully underwritten rights
issue (the "Rights Issue") which is subject to the approval by the extraordinary
general meeting of the Company to be held at 09:00 (CET) tomorrow, 25 November
2021.

The Company's board of directors has today, on 24 November 2021, based on a
recommendation from Carnegie AS and DNB Markets, a part of DNB Bank ASA (acting
as "Managers" in the Rights Issue), determined the following (i) subscription
price, (ii) the number of new shares and (iii) the share capital increase
pertaining to the Rights Issue:

  · The subscription price is proposed to be NOK 1.72 per new share offered in
the Rights Issue (the "Offer Shares"), representing a discount of approximately
35% to the theoretical ex rights price (TERP) based on the volume-weighted
average price (VWAP) of the Company's shares on the Oslo Stock Exchange of NOK
3.7424 on 24 November 2021