Instabank ASA announced a private placement to issue common shares for the gross proceeds of minimum NOK 50 million and maximum of NOK 70 million on April 12, 2023. The transaction will include participation from Kistefos A.S., Norwegian, Nordic and international investors. The transaction has been approved by the shareholders of the company and is subject to all corporate resolutions of the Company required to implement the transaction being validly made by the Company and the Share Lending Agreement remaining unmodified and in full force and effect.

The transaction has restricted to a hold period of 6 months. Settlement of the Offer Shares is expected to take place on or about May 9, 2023.