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SUCCESSFULLY PLACED PRIVATE PLACEMENT Oslo Stock Exchange: HBC

 


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(lesund, October 16, 2020) Reference is made to the Hofseth Biocare ASA stock market press release (“HBC“or the”Company“) published on October 15, 2020 regarding a proposed private placement.

The Company hereby announces that it has allocated 24,691,358 new Company shares (the “Suggest actions“) in a private placement (the”Private placement“) at a subscription price of NOK 8.10 per share, corresponding to a total size of the private placement of NOK 200 million. The private placement was significantly oversubscribed.

Pareto Securities acted as sole manager in connection with the private placement.

The net proceeds of the private placement will be used for R&D activities, expansion of production capacity, acceleration of sales and marketing, as well as for general corporate purposes.

Notification of the allotment of the Offered Shares, including settlement instructions, will be sent to applicants via a notification from the Manager on or around October 16, 2020. The Offered Shares will be settled by a delivery against payment transaction on or about October 20, 2020 with the unencumbered shares of the Company which are already admitted to trading on Oslo Axess, pursuant to a share loan agreement between the Company, the Manager, Hofseth International AS, Hofseth AS and Seafood Farmers of Norway AS . The Offered Shares will be negotiable as of their allocation, i.e. from October 16, 2020.

In order to settle the loan of shares, the Board of Directors of the Company has decided to issue 24,691,358 new shares of the Company to the Manager in accordance with the authorization given by the annual general meeting of the Company on 25 May 2020. Consequently, the share capital of the Company will be increased by NOK 246,913.58 from NOK 3,302,090.01 to NOK 3,549,003.59. Following the registration of the new share capital relating to the private placement, the Company will have 354,900,359 shares outstanding, each with a nominal value of NOK 0.01.

The board of directors of the company is of the opinion that the private placement meets the obligations of equal treatment under the Norwegian Securities Law and the Oslo Brs Circular no. 2/2014, in particular due to the fact that (i) in the current market, a private placement had a greater chance of success compared to a rights issue and, therefore, gives the Company timely access to the new lower risk capital; (ii) the cost of raising capital is assumed to be lower than that of a rights issue because any discount is likely to be lower and subscription guarantees are avoided; and (iii) the Company intends to make a subsequent offer addressed to shareholders who have not offered to participate in the Private Placement (the “Subsequent offer“). On this basis and on the basis of an assessment of the current stock markets, the Board of Directors of the Company has considered the Private Placement to be in the common interest of the Company and its shareholders. the structure of the Private Placement, the shareholders preferential rights have been excluded.

Subject to the approval of a prospectus by the Norwegian Financial Supervisory Authority, HBC will make a subsequent offer of up to 4,983,271 new shares of the Company, corresponding to gross proceeds of approximately 40 million. NOK. The Subsequent Offer will be made on the basis of a prospectus and will be addressed to eligible shareholders of the Company who (i) are shareholders on October 15, 2020, as registered in the VPS on October 19, 2020, (ii) n ” were not provided inside information during the pre-survey phase of the Private Placement, (iii) did not receive any Offered Shares in the Private Placement, or (iv) do not reside in a jurisdiction where such an offer would be illegal, or would be unlawful other than Norway) require any prospectus filing, registration or similar action (the “Eligible Shareholders”). Eligible Shareholders will be granted non-negotiable subscription rights. Oversubscription will be permitted, but subscription without subscription rights will not be permitted under the subsequent offer. The subscription period for the subsequent offer is expected to begin shortly after the publication of a prospectus, and the subscription price for the subsequent offer will be the same as that of the private placement.

Advokatfirmaet CLP DA is acting as Norwegian legal advisor in connection with the private placement.

For more information, please contact:

James Berger, Head of Investor Relations and Strategy at Hofseth BioCare ASA
Telephone: +41 79 950 1034
Email: [email protected]

Jon Olav Degrd, CFO at Hofseth BioCare ASA
Phone: +47936 32966
E-mail: [email protected]

About Hofseth BioCare ASA:

HBC is a Norwegian biotechnology company that develops high-value ingredients and finished products. The ingredients are in various stages of discovery and preclinical development in collaboration with several clinics and university research laboratories in several countries. The main preclinical and clinical candidates are under development for the treatment of iron deficiency anemia, gastrointestinal inflammation (NEC / IBS / UC), prediabetes, age-related sarcopenia and osteoarthritis.

The company is founded on the fundamental values ​​of sustainability, traceability and optimal use of natural resources. Using innovative hydrolysis technology, HBC can preserve the quality of lipids, proteins and calcium from fresh salmon scraps. Hofseth BioCare’s head office is in Lesund, Norway, with branches in Oslo, London, Zrich, Chicago, Menlo Park and Tokyo.

HBC is listed on Oslo Axess with the symbol “HBC”. More information about Hofseth BioCare at hofsethbiocare.com and facebook.com/hofsethbiocare.

This information is subject to disclosure obligations in accordance with section 5-12 of the Norwegian Securities Law.

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