Avance Gas Holding Ltd – NOK 555 million private placement successfully completed

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.

Reference is made to the stock exchange notice from Avance Gas Holding Ltd ("Avance Gas" or the "Company", OSE ticker code "AGAS") published earlier today on 8 April 2021 regarding a contemplated private placement (the "Private Placement").

Avance Gas is pleased to announce that the Private Placement has been successfully completed with a total transaction size of approximately NOK 555 million through the allocation of 12,899,000 shares in the Company at a price of NOK 43 per share. The net proceeds from the Private Placement will be used for general corporate purposes, which includes partly financing of the Company's newbuilding program.

The Private Placement attracted strong support and interest from Norwegian and international high quality investors and was significantly oversubscribed.

Notices of allocation will be distributed to the investors on 9 April 2021.

Settlement in the Private Placement will take place on 13 April 2021. Following issuance of the Offer Shares, the Company will have 77,426,972 shares outstanding, each with a par value of USD 1.00. Settlement of the Private Placement will be on a delivery versus payment basis, facilitated by existing and unencumbered shares in the Company being borrowed by the Company's largest shareholder, Hemen Holding Limited ("Hemen"), to DNB Markets, a part of DNB Bank ASA ("DNB Markets"), pursuant to a share lending agreement entered into between Hemen, the Company and DNB Markets (on behalf of the Managers). The Offer Shares will thus be tradable from allocation. The Managers will settle the share loan with new common shares of the Company to be issued pursuant to the board resolution made on 8 April 2021 in connection with completion of the Private Placement.