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, 5 June 2025: Reference is made to the stock exchange release from Kaldvík AS (the "Company") published on 4 June 2025 regarding a contemplated private placement to raise gross proceeds of the NOK equivalent of approximately EUR 46.2 million (the "Private Placement") ...

Core Viewpoint - Kaldvik AS is planning a private placement to raise approximately EUR 46.2 million through the issuance of new shares, which is part of a refinancing package to support its operations and financial obligations [2][4]. Group 1: Private Placement Details - The private placement aims to raise gross proceeds of approximately EUR 46.2 million, with an offer price set at NOK 14 per share [2]. - The placement will be divided into two tranches, with Tranche 1 consisting of 5,976,172 shares, and Tranche 2 will include additional shares necessary to meet the total gross proceeds [7]. - The application period for the private placement starts on June 4, 2025, and ends on June 5, 2025, with the company reserving the right to modify the application period [6]. Group 2: Use of Proceeds - The net proceeds from the private placement, along with new debt financing, will be utilized for biomass build-up, repayment of a bridge facility, shareholder loans, and general corporate purposes [4]. Group 3: Investor Commitments - The largest shareholder, Austur Holding AS, which owns 57.46% of the shares, has committed to subscribe for shares in the private placement [8]. - Other investors, including Laxar Eignarhaldsfelag ehf and Eskja Holding ehf, have also committed to subscribe for their pro-rata shares [8]. Group 4: Regulatory and Compliance Aspects - The private placement will be directed towards Norwegian and international investors, adhering to relevant exemptions from registration and prospectus requirements [11]. - The company has considered equal treatment obligations under Norwegian law and believes the transaction structure complies with these requirements [13]. Group 5: Timeline and Settlement - Settlement for Tranche 1 is expected around June 10, 2025, while Tranche 2 is anticipated to settle around June 23, 2025, subject to approval by an extraordinary general meeting [10].