Iceland Seafood International hf: Share issuance in accordance with authorization from shareholders meeting in October 2023

Reference is made to the shareholders' meeting of Iceland Seafood International hf. (the Company), held on 24 October 2023, whereby the Company's board of directors was given an authorization to increase the Company's share capital by up to ISK 200.000.000 in nominal value by way of issuing new shares to investors. In accordance with the decision of the board of directors of the Company to utilize this authorization, in order to strengthen the Company's financial position, the Company has successfully completed a private placement to investors of 200.000.000 new shares at an offer price of ISK 5.40 per share, raising gross proceeds to the Company of ISK 1.080.000.000. The share increase is done in accordance with paragraph 3 of article 4 of the Company's articles of association.

The new shares will be paid for in cash. Subject to settlement, the new shares will be issued electronically and registered at Nasdaq CDN and at the Icelandic Register of Enterprises. Total issued share capital of the Company will after the share increase amount to nominally ISK 3.064.479.971, divided into shares of ISK 1 each.