Rapid Oil Production Ltd agreed to acquire Hyon AS (OB:HYON) in reverse takeover on March 31, 2024. Pursuant to the SPA, Blue Concept will sell its 19.5% shareholding in Rapid against a 73.8% ownership in HYON in an all-share transaction. It will be proposed that HYON issues 150,238,113 new shares to Blue Concept, providing an ownership in HYON of 73.8% whilst current shareholders in HYON will represent 26.2% of the shares post transaction. As part of the completion of the acquisition of Rapid shares, HYON will adhere to the Shareholders Agreement between Rapid and its shareholders on the same terms as Blue Concept has as of today. Geir Aune has been nominated to be Chairman of the Board of Directors of HYON. In addition, Georges Lambert has been nominated as Board member. Geir Aune will also take on as the role as CEO. Following the completion HYON intends to change its name to Knox Energy Solutions AS. Following completion of the acquisition of Rapid shares from Blue Concept, it is intended that other shareholders in Rapid shall be offered to sell their shares in Rapid against receiving HYON shares. HYON has discontinued current operations and will in conjunction with the agreement with Blue Concept divest all assets related to its current operations to Norwegian Hydrogen AS. This second part of the transaction remains subject to agreements being entered into as well as necessary corporate resolutions. The SPA sets out that Blue Concept may achieve a stake of up to 90% (for the avoidance of doubt always below 90%) in HYON through subscription of 388,041,212 warrants each providing the right to subscribe one share in HYON at par value. The warrants may be exercised to the extent the acquisition of shares in Rapid (in addition to the shares acquired from Blue Concept) falls short of a 100% ownership in Rapid. The warrants expire by and will, together with the board of directors of HYON to be elected upon completion of the Transaction, work year end 2024. The SPA assumes a business combination with an exchange ration of 6% to existing shareholders in HYON and 94% to Rapid. Further to this, Rapid cannot exercise a number of warrants resulting in the shareholders of HYON as of the date of signing the agreement holding a lower stake than 6% in the Purchaser as a result of the exercise. The Transaction is subject to customary terms and conditions, including inter alia following being satisfied or waived by the parties: The EGM of HYON approving the Transaction Election of the nominated Board of Directors All known liabilities of HYON, conditional upon approval from the Board of Directors in Rapid and other than as a result of the Transaction shall be settled. The SPA is expected to be closed in Q2 2024.

Advokatfirmaet Selmer AS is acting as legal advisor to HYON AS. Advokatfirmaet Wiersholm AS is acting as legal advisor to Blue Concept Ltd.