Information About the Warrants Issued in Connection with the Rights Issue


Oslo, Norway, 4 March 2024: Reference is made to the stock exchange announcement by Norsk Titanium AS (the "Company") on 29 February 2024, regarding the registration of new share capital following completion of the rights issue raising gross proceeds of approx. NOK 188.3 million (the "Rights Issue"). The subscribers in the Rights Issue have been allocated one warrant for every two Offer Shares allocated to them and paid by them in the Rights Issue. The Rights Issue resulted in the of issuance of 114,519,363 warrants to subscribers in the Rights Issue.

Furthermore, as further described in the stock exchange announcement on 28 February 2024, Buntel AB, a subsidiary of MolCap Invest AB, having undertaken to underwrite a total of NOK 43 million (equivalent to approx. USD 4 million) of the Rights Issue have been issued 50 million warrants at equal terms to the warrants to subscribers in the Rights Issue as part of its underwriting commission.

Further to the above, at total of 164,519,363 warrants have been issued to subscribers in the Rights Issue and to Buntel AB (collectively referred to as the "Warrants").

The Warrants may be exercised in two periods: (i) on 10 – 21 June 2024, and (ii) on 18 – 29 November 2024.

The Warrants will be listed and tradable on Euronext Growth Oslo under the ticker code "NTIS". The trading in the Warrants will be halted four days before the end of each exercise period to facilitate settlement of exercised Warrants. The Warrants will be tradeable from 4 March 2024 to 16:30 (CEST) on 17 June 2024, and (ii) following settlement of the first exercise period, to 16:30 (CET) on 25 November 2024. The Warrants will hence only be tradable during part of the exercise periods.

If all the Warrants are exercised, the Company expects to raise additional gross proceeds of up to approx. NOK 175 million. In the event that Warrants are not exercised, the gross proceeds will be reduced corresponding to the proportion of Warrants that are not exercised.

Each Warrant will give the holder a right to subscribe for one new share in the Company at an exercise price per share equal to the volume-weighted average price (VWAP) of the Company's shares on Euronext Growth Oslo in the three last trading days prior to the first date on which the holder can exercise the Warrant in each exercise period less 30%, but in any event (i) not lower than the nominal value (NOK 0.08) and (ii) not exceeding the subscription price in the Rights Issue plus 30% (i.e. NOK 1.068925).

Exercise of Warrants is carried out by written notification to the Company, which must be received by the Company by the expiry of the relevant exercise period. The notice shall include the number of Warrants the holder has and how many of these are exercised.

Holders of Warrants may either sell the Warrants or use them to subscribe for shares in the Company within the exercise periods stated above. As such, the Warrants may have a financial value for the holders, depending on the prevailing market price for the shares in the Company. Holders of Warrants who do not sell or use the Warrants to subscribe for shares in the Company will experience a dilution of their shareholding in the Company, see Section 6.28 "Dilution" in the prospectus published by the Company on 5 February 2024 in connection with the Rights Issue (the "Prospectus") for a further description of such dilutive effect.

If the Warrants are not sold within 16:30 (CET) on 25 November 2024 or exercised within 16:30 (CET) on 29 November 2024 the Warrants will lapse with no compensation to the holders.

For more information pertaining to the Warrants, please see the Prospectus, which is, subject to applicable local securities laws, available at the websites of the Company ( and Carnegie AS (

For more information, please contact:

John Andersen, Chairman of Norsk Titanium AS


Tel: +47 90 17 40 80

Carl Johnson, President & CEO Norsk Titanium AS


Tel: +1 518 324 4010

Ashar Ashary, CFO Norsk Titanium AS


Tel: +1 518 556 8966

For information about the Rights Issue, please contact Carnegie AS (the "Manager"): +47 22 00 93 40

This information is published in accordance with the requirements of the Continuing Obligations for companies listed on Euronext Growth Oslo and section 5-12 of the Norwegian Securities Trading Act.


Any offering of the securities referred to in this announcement is made by means of the Prospectus has been prepared and approved by the Norwegian Financial Supervisory Authority. This announcement is an advertisement and is not a prospectus for the purposes of Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 on prospectuses to be published when securities are offered to the public or admitted to trading on a regulated market, and repealing Directive 2003/71/EC (as amended) as implemented in any EEA Member State (the "Prospectus Regulation"). Investors should not subscribe for any securities referred to in this announcement except on the basis of information contained in the Prospectus. Copies of the Prospectus will, following publication, be available from the Company's registered office and, subject to certain exceptions, on the website of the Manager.

In any EEA Member State, this communication is only addressed to and is only directed at qualified investors in that Member State within the meaning of the Prospectus Regulation, i.e., only to investors who can receive the offer without an approved prospectus in such EEA Member State.

In the United Kingdom, this communication is only addressed to and is only directed at Qualified Investors who (i) are investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended) (the "Order") or (ii) are persons falling within Article 49(2)(a) to (d) of the Order (high net worth companies, unincorporated associations, etc.) (all such persons together being referred to as "Relevant Persons"). These materials are directed only at Relevant Persons and must not be acted on or relied on by persons who are not Relevant Persons. Any investment or investment activity to which this announcement relates is available only to Relevant Persons and will be engaged in only with Relevant Persons. Persons distributing this communication must satisfy themselves that it is lawful to do so.

This document is not for publication or distribution in, directly or indirectly, Australia, Canada, Japan, the United States or any other jurisdiction in which such release, publication or distribution would be unlawful, and it does not constitute an offer or invitation to subscribe for or purchase any securities in such countries or in any other jurisdiction. In particular, the document and the information contained herein should not be distributed or otherwise transmitted into the United States or to publications with a general circulation in the United States of America.

The Manager is acting for the Company in connection with the Rights Issue and no one else and will not be responsible to anyone other than the Company for providing the protections afforded to its clients or for providing advice in relation to the Rights Issue or any transaction or arrangement referred to in this announcement.

Matters discussed in this announcement may constitute forward-looking statements. Forward-looking statements are statements that are not historical facts and may be identified by words such as "anticipate", "believe", "continue", "estimate", "expect", "intends", "may", "should", "will" and similar expressions. The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions. Although the Company believes that these assumptions were reasonable when made, these assumptions are inherently subject to significant known and unknown risks, uncertainties, contingencies and other important factors which are difficult or impossible to predict and are beyond its control. Such risks, uncertainties, contingencies and other important factors could cause actual events to differ materially from the expectations expressed or implied in this release by such forward-looking statements. The information, opinions and forward-looking statements contained in this announcement speak only as at its date and are subject to change without notice, and each of the Company, the Manager and its affiliates expressly disclaims any obligation or undertaking to update, review or revise any statement contained in this announcement whether as a result of new information, future developments or otherwise. This announcement is made by and is the responsibility of, the Company. Neither the Manager nor any of its affiliates makes any representation as to the accuracy or completeness of this announcement and none of them accepts any responsibility for the contents of this announcement or any matters referred to herein.

This announcement is for information purposes only and is not to be relied upon in substitution for the exercise of independent judgment. It is not intended as investment advice and under no circumstances is it to be used or considered as an offer to sell, or a solicitation of an offer to buy any securities or a recommendation to buy or sell any securities of the Company. No reliance may be placed for any purpose on the information contained in this announcement or its accuracy, fairness or completeness. Neither the Manager nor any of its affiliates accepts any liability arising from the use of this announcement.

About Norsk Titanium AS

Norsk Titanium is a global leader in metal 3D printing, innovating the future of metal manufacturing by enabling a paradigm shift to a clean and sustainable manufacturing process. With its proprietary Rapid Plasma Deposition® (RPD®) technology and 700 MT of production capacity, Norsk Titanium offers cost-efficient 3D printing of value-added metal parts to a large addressable market. RPD® technology uses significantly less raw material, energy, and time than traditional energy-intensive forming methods, presenting customers with an opportunity to better manage input costs, logistics, and environmental impact. RPD® printed parts are already flying on commercial aircraft, and Norsk Titanium has gained significant traction with large defense and industrial customers