The Convertible Bonds will be issued in tranches: an initial tranche of bonds in the total nominal value of NOK 37.5m upon EGM approval of the Bond Agreement, followed by a second tranche of NOK 30m, subsequent tranches of NOK 25m and a final tranche of NOK 7,500,000 up to the total nominal value of NOK 300m, with at least three months between tranches, or such shorter period as agreed from time to time between Targovax and Atlas. The Convertible Bonds will be subscribed for at 92 percent of par value and thereby provide Targovax with a total gross amount of up to NOK 276 million in new financing. Except for the period between tranches, Targovax has full control over when and how many tranches are called upon over the 3-year agreement period, thereby ensuring flexible and predictable access to capital as required.

The investment agreement and the issuance of the convertible bonds are subject to approval of the Targovax general meeting. The Company's board of directors has resolved to call for extraordinary general meeting (AGM) to be held at the Company's offices at Lysaker on 9 March 2023 at 10:00 CET for the purpose of approving the investment agreement and the issuance of convertible bonds. The AGM notice is attached to this announcement.

Notice of attendance
Notice of attendance must be received no later than 8 March 2023 at 16:00 CET.
Casting of advance votes and submission of proxies must be received no later than 8 March 2023 at 16:00 CET.

Notice and appendices
Attached you will find the notice to the Extraordinary General Meeting, including appendices.

TRVX - EGM Notice 16 February 2023.pdf (https://mb.cision.com/Public/17093/3716929/8b0606d7683ea7a5.pdf)

TRVX convertible bond terms.pdf (https://mb.cision.com/Public/17093/3716929/b9a15ad7ab12d100.pdf)

The notice and appendices will also be made available on Targovax' website https://www.targovax.com/en/section/governance/general-meetings/.