On December 8, 2020 The board of directors of Targovax ASA (OSE:TRVX) ("Targovax" or the "Company") reported that resolved to increase the share capital of the Company following the completion of an exercise period for vested share options under the Company’s long-term incentive program for employees (Press release, Targovax, DEC 8, 2020, View Source [SID1234572429]). The exercise period for the employee options commenced on 3 December 2020 at 11:00 hours (CET) and ended on 8 December 2020 at 11:00 hours (CET).

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1. Exercise of options

In total, 10,726 options were exercised, giving the option holders the right to subscribe for 10,726 shares, each with a par value of NOK 0.10, at a subscription price of NOK 7.74 per share.

2. Resolutions to increase the share capital in Targovax ASA

The Company’s board of directors has on 8 December 2020, in accordance with the authorisation granted by the general meeting on 29 April 2020, resolved to increase the share capital with NOK 1,072.60 by the issuance of 10,726 new shares, each with a par value of NOK 0.10 in order to settle the exercise of options.

Accordingly, the new share capital of the Company is NOK 8,653,131.80, divided into 86,531,318 shares, each with a par value of NOK 0.10. The share capital increase will be registered with the Norwegian Register of Business Enterprises (Nw. Foretaksregisteret) as soon as practically possible after the share contribution has been fully paid.