Kats, Netherlands - July 5, 2023: The Kingfish Company N.V. (the "Company") has
successfully raised EUR 32 million in an unsecured convertible loan (the
"Convertible Loan"). The Company experienced significant support and interest
from both existing shareholders and new investors to participate in the
Convertible Loan. The majority of the Convertible Loan is allocated to existing
key shareholders, while EUR 11 million will be allocated to the
sustainability-focused Ocean 14 Capital Fund ("Ocean 14") on the key terms and
conditions set out below.

Ocean 14 is an impact fund investing in venture and growth companies and
technologies that offer sustainable solutions for the ocean. The Ocean 14 team
has over 25 years of aquaculture industry experience including significant
experience with RAS technology, further complementing the Company's list of
reputable investors.

The net proceeds from the Convertible Loan shall be used for the purpose of
making the Company's operations cash-positive and finance completion of the
Company's expansion of production capacity in its facilities in Zealand, the
Netherlands ("Phase 2"), as well as general corporate purposes.

The background and rationale for the Convertible Loan is described in the
Company's annual report for 2022 and the business update presentation published
on April 20, 2023, stating that the Company aims to strengthen its liquidity
position by raising additional equity or debt during 2023.

PHASE 2 SCHEDULE UPDATE, CAPEX ESTIMATE REMAINS UNCHANGED
 
"The successful placement of the Convertible Loan will secure the completion of
Phase 2. We are in the process of more than doubling our production capacity to
meet the increasing demand for Dutch Yellowtail. The proceeds from the
Convertible Loan will provide full funding for the expansion until we reach
positive cash flow from operations and sustainable profitability," said Vincent
Erenst, Chief Executive Officer of the Kingfish Company. 

"Production in the first of two grow-out systems in Phase 2 began in May 2023.
The new facility has been running very well since the start and we are proud to
have increased biomass by more than 100 tons in just over one month time. This
is a testament to the advanced design and the skills of our team.", said Mr.
Erenst.


According to the revised project plan and timeline, the harvest volume from the
farm in Zeeland will start to increase in the first quarter of 2024. Steady
state production is expected in the course of 2025. Estimated capex for Phase 2
remains unchanged at EUR 95 million.

KEY TERMS OF THE CONVERTIBLE LOAN

o	Principal amount: EUR 32 million.
o	Tenor: 4 years.
o	Conversion: At any time following the relevant drawdown date, each lender may
convert its part of the Convertible Loan, including any accrued and unpaid
interest and any Underwriting Commission (as defined below), into shares in the
share capital of the Company, each with a nominal value of EUR 0.01 ("Shares"),
at a strike price of EUR 0.929 (approximately NOK 11) per Share (the "Conversion
Option"). Upon full conversion, at maturity, of all amounts under the
Convertible Loan (including accrued but unpaid Interest and Underwriting
Commission), up to a maximum of 
61 million new Shares shall be issued in the capital of the Company.
o	Status/ranking: The Convertible Loan is unsecured and shall be subordinated
and rank after the Company's senior facilities agreement (the "PCP facility")
with P Capital Partners AB ("PCP").
o	The Convertible Loan is split into two tranches:
(I)	Tranche 1 consists of EUR 10 million, based on the authorization granted by
the Company's annual general meeting held on June 20, 2023. The Company's
supervisory board (the "Board") has resolved to (i) grant 10,763,182 rights to
subscribe for Shares (of which each right gives a right to subscribe for one new
Share) to the lenders (excluding Ocean 14) and (ii) exclude pre-emptive rights
in respect thereof