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Green Energy Group (SeaBird Exploration Plc) Private placement successfully completed

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART DIRECTLY OR INDIRECTLY, IN AUSTRALIA, CANADA, JAPAN, HONG KONG OR THE UNITED STATES OR ANY OTHER JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL. THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER OF ANY OF THE SECURITIES DESCRIBED HEREIN.

Reference is made to the stock exchange release by SeaBird Exploration PLC ("SeaBird" or the "Company") on 13 January 2022 regarding the intention to carry out a private placement (the "Private Placement") of new shares in the Company.

The Company is pleased to announce that the Private Placement has been successfully placed, and that it has allocated subscriptions for 14,000,000 offer shares (the "Offer Shares") at a subscription price per share of NOK 2.25 (the "Offer Price"), raising NOK 30 million in net proceeds. The Private Placement took place through an accelerated bookbuilding process after close of markets today. The Private Placement attracted strong interest from both existing shareholders and new investors and was significantly oversubscribed.

Completion of the Private Placement and the issuance of the new shares in connection with the Offer Shares were resolved by the Company's Board of Directors (the "Board"), pursuant to an authorisation to waive pre-emption rights given at the Company's Annual General Meeting held on 13 August 2021.

Notification of allocation, including settlement instructions are expected to be distributed by the Managers on or about 14 January 2022, with settlement on a delivery versus payment (DVP) basis on or about 18 January 2022.

Delivery versus payment settlement of the Offer Shares will be facilitated by existing and unencumbered shares in the Company that are already listed on the Oslo Stock Exchange. New shares to be issued by the Company will be settled towards investors with shares made available pursuant to a share lending agreement between by Fearnley Securities AS (the "Manager"), the Company and shareholders Anderson Invest AS, Miel Holding AS, Grunnfjellet AS and Storfjell AS. Following registration of the share capital increase pertaining to the Private Placement with the relevant Cyprus authorities, the Company will have 48,276,665 shares issued and outstanding, each with a par value of USD 0.20.

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Disclaimer

Green Energy Group (SeaBird Exploration Plc) Private placement successfully completed NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART DIRECTLY OR INDIRECTLY, IN AUSTRALIA, CANADA, JAPAN, HONG KONG OR THE UNITED STATES OR ANY OTHER JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL. THIS …

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