Avance Gas Holding Ltd – Contemplated private placement

NOT FOR DISTRIBUTION OR RELEASE, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OF AMERICA (INCLUDING ITS TERRITORIES AND POSSESSIONS, ANY STATE OF THE UNITED STATES OF AMERICA AND THE DISTRICT OF COLUMBIA) (THE "UNITED STATES"), AUSTRALIA, CANADA, THE HONG KONG SPECIAL ADMINISTRATIVE REGION OF THE PEOPLE'S REPUBLIC OF CHINA OR JAPAN, OR ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL.

Hamilton, Bermuda, 8 April 2021. Avance Gas Holding Ltd ("Avance Gas" or the "Company", OSE ticker code "AGAS") has appointed DNB Markets, a part of DNB Bank ASA, Fearnley Securities AS and Skandinaviska Enskilda Banken AB (publ), Oslo branch as Global Coordinators and ABN AMRO Bank N.V., Danske Bank A/S, Norwegian branch, and Nordea Bank Abp, filial i Norge as Joint Bookrunners (collectively and together with the Global Coordinators, the "Managers") to advise on and carry out a private placement (the "Private Placement") of up to 12,899,000 new common shares of the Company (the "Offer Shares").

The Company intends to use the net proceeds from the sale of Offer Shares in the Private Placement for general corporate purposes, which includes partly financing of the Company's newbuilding program.

The Private Placement will be directed towards Norwegian and international investors, subject to applicable exemptions from relevant registration, filing and prospectus requirements, and subject to other applicable selling restrictions. The minimum application and allocation amount has been set to the NOK equivalent of EUR 100,000. The Company may however, at its sole discretion, allocate amounts below EUR 100,000 to the extent exemptions from the prospectus requirements in accordance with applicable regulations, including the Norwegian Securities Trading Act and ancillary regulations, are available.

The price for the Offer Shares in the Private Placement will be determined by the board of directors of the Company (the "Board") following an accelerated bookbuilding process. The bookbuilding and application period for the Private Placement commences today, on 8 April 2021 at 16:30 CET, and is expected to close on 9 April 2021 at 08:00 CET. The Company, after consultation with the Managers, reserves the right to at any time and in its sole discretion close or extend the application period or to cancel the Private Placement in its entirety and for any reason. If the bookbuilding is shortened or extended, the other dates referred to herein may be changed correspondingly. Reference is also made to the attached investor presentation.