NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART DIRECTLY OR
INDIRECTLY, IN AUSTRALIA, CANADA, JAPAN OR THE UNITED STATES OR ANY OTHER
JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE
UNLAWFUL. THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER OF ANY OF THE
SECURITIES DESCRIBED HEREIN.
Oslo, 26 June 2024
Reference is made to the stock exchange announcement from CodeLab Capital AS
("CodeLab" or the "Company") published yesterday, on 25 June 2024, regarding a
contemplated partially underwritten private placement of new shares in the
Company (the "Offer Shares") at a price per Offer Share of NOK 0.29 (the "Offer
Price") to raise gross proceeds of NOK 40-50 million (the "Private Placement").
CodeLab is pleased to announce that the Private Placement has been successfully
placed with a total transaction size of NOK 40 million through the allocation of
137,931,035 Offer Shares.
Arctic Securities AS (the "Manager") acted as sole manager and bookrunner in
connection with the Private Placement.
The net proceeds from the Private Placement will be used to fund the Company's
commercialization phase and working capital requirements, as well as other
general corporate purposes.
In order to ensure as long a runway as possible, the Company will consider
taking further actions (in addition to already implemented initiatives) to
improve efficiencies as the Company progresses further on the commercial phase.
The Company thus aims to reduce the cost base by NOK 10-15 million on an annual
basis, and at the same time continue to invest in the strong commercial momentum
it currently experiences. A lower cost base combined with improved commercial
momentum implies the Company is taking important steps to reach profitability.
The Private Placement is divided into two tranches. Tranche 1 consists of
34,772,440 Offer Shares ("Tranche 1" and the "Tranche 1 Offer Shares"). Tranche
2 consists of 103,158,595 Offer Shares ("Tranche 2" and the "Tranche 2 Offer
Shares").
The following primary insiders (and close related parties) in the Company were
allocated Offer Shares in the Private Placement:
o Codee Holding AS, a close associate of chairman of the Board Jesper Melin
Ganc-Petersen, was allocated 68,965,517 Offer Shares