OSLONorse Atlantic ASA (“Norse Atlantic” or the “Company”), the new modern, long-haul, low-cost airline, with ambitions to connect major cities in Europe and the US, using fuel-efficient and more environmentally friendly Boeing 787 Dreamliners, has engaged Arctic Securities AS, Pareto Securities AS and SpareBank 1 Markets AS as joint global coordinators and joint bookrunners (together the “Managers”) to advise on and effect a contemplated private placement to raise gross proceeds of NOK 1,275 million (the “Private Placement”) and admission to trading of the Company’s shares on Euronext Growth Oslo (the “Admission”).

Norse Atlantic was established in February 2021 and will offer routes that have proven to be both popular and profitable, and will initially fly between the US and Europe, serving destinations such as New York, Los Angeles, Miami, London, Paris, and Oslo. The Company may expand the route network to include destinations in Asia as more Dreamliners enter the fleet. However, growth will be based exclusively on demand and profitability.

Norse Atlantic will focus its efforts on being low-fare and low-cost, with a lean management team and administration, and with global partnerships. Its long-haul flights, aboard modern Dreamliner aircraft leased at favorable rates and with efficient configuration, will help keep costs down. For the customers, that means attractive offerings at low fares. Norse Atlantic expects to be taking off with its first flight in December 2021.

The Private Placement will consist of a new share issue of NOK 1,275 million (equivalent to approximately USD 150 million) in the Company. The price per share in the Private Placement has been set to NOK 20 (the “Subscription Price”), equivalent to a pre-money equity value of the Company of approximately NOK 200 million (equivalent to approximately USD 24 million) based on the 10,000,000 shares currently outstanding in the Company. In addition, the Managers may elect to over-allot additional existing shares equivalent to up to approximately NOK 125 million (equivalent to approximately USD 15 million) (the "Additional Shares"), representing approx.10 percent of the offering size in the Private Placement pursuant to an over-allotment option (the "Over-Allotment Option").