COD – PRIVATE PLACEMENT DIRECTED AT INC INVEST AS

Reference is made to previous stock exchange notices from Codfarmers ASA regarding agreement with Havlandet Havbruk AS and its parent company INC Invest AS with respect to financing of purchase of cod fry.

Codfarmers ASA’s board of directors has today, pursuant to the mentioned agreement and on the basis of the board authorisation to increase the share capital granted by the general meeting on 4 April 2011, resolved to carry out a private placement directed at INC Invest AS of 451,282 new shares at a subscription price of NOK 7.80 per new share. The private placement will provide Codfarmers ASA with gross proceeds of NOK 3,520,000 for financing of purchase of cod fry.

The share capital increase in connection with the private placement is expected registered with the Norwegian Register of Business Enterprises on or about 15 April 2011. Following the registration of the share capital increase, the company will have a share capital of NOK 15,406, 260 divided on 15,406,260 shares, each with a par value of NOK 1.00.     

For additional information, please contact

Harald Dahl (+47 22 40 33 94)

CEO

Codfarmers ASA