Oslo, 16 December 2020

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR
INDIRECTLY, IN THE UNITED STATES, CANADA, AUSTRALIA, THE HONG KONG SPECIAL
ADMINISTRATIVE REGION OF THE PEOPLE'S REPUBLIC OF CHINA OR JAPAN OR ANY OTHER
JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE
UNLAWFUL. THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER OF ANY OF THE
SECURITIES DESCRIBED HEREIN. 

Reference is made to the stock exchange announcement from SoftOx Solutions AS
("SoftOx" or the "Company") published earlier today, on 16 December 2020,
regarding a contemplated private placement of new shares. 

The Company is pleased to announce today that it has raised approx. NOK 50
million in gross proceeds through the private placement by issuance of 909,090
new shares in the Company (the "Offer Shares"), at a price per Offer Share of
NOK 55. The Private Placement took place through an accelerated bookbuilding
process managed by SpareBank 1 Markets AS (the "Manager") after close of markets
on 16 December 2020. The Private Placement was significantly over subscribed. 

The net proceeds from the Private Placement will be used to further develop and
finance ongoing and future clinical studies, including the recent announced
SoftOx Inhalation Project which aims to develop an inhalation solution for the
treatment of respiratory infections, as well as for general corporate purposes.

The Private Placement consists of two separate tranches: one tranche with
500,000 Offer Shares ("Tranche 1") and a second tranche with 409,090 Offer
Shares ("Tranche 2"). Settlement for Tranche 1 is expected to be on or about 21
December 2020 (DVP, T+2), while settlement in Tranche 2 is expected to occur on
or about 5 January 2021 following approval by an extraordinary general meeting
in the Company of the issuance of new shares under Tranche 2 (the "EGM"). The
investors who have been allocated Offer Shares will receive a pro rata portion
of shares from Tranche 1 and Tranche 2 based on their overall allocation in the
Private Placement, with the exception of Dinge Invest AS and Harefrøken Invest
AS who have agreed that the Offer Shares they are allocated in the Private
Placement will all be allocated in Tranche 2.

The delivery of Offer Shares for each tranche will be settled with existing and
unencumbered shares in the Company that are already listed on the Euronext
Growth Oslo, pursuant to a share lending agreement between the Manager, the
Company and Dinge Invest AS. Accordingly, the shares delivered to the investors
will be tradable upon delivery, expected on or about 21 December 2020 in Tranche
1 and on or about 5 January 2021 in Tranche 2.

The share loan from Dinge Invest AS will be settled with (i) new shares in the
Company to be resolved issued by the Board pursuant to an authorization granted
by the Company's annual general meeting held on 30 June 2020 (Tranche 1) and
(ii) new shares in the Company to be issued following, and subject to, approval
by the EGM (Tranche 2).

Following registration of the share capital increase pertaining to Tranche 1 of
the Private Placement with the Norwegian Register of Business Enterprises, the
Company will have a share capital of NOK 166 598, divided into 8,329 900,
shares, each with a par value of NOK 0.02. Following (and subject to) the EGM
and registration of the share capital increase pertaining to Tranche 2 of the
Private Placement with the Norwegian Register of Business Enterprises, the
Company will have a share capital of NOK 174,779.80 divided into 8,738,990
shares, each with a par value of NOK 0.02.

Subject to satisfaction of the conditions for completion of the Private
Placement, the Board of the Company has resolved to propose that the EGM
resolves to authorize the Board to carry out a subsequent offering of up to
181,818 new shares (the "Subsequent Offering") towards the Company's
shareholders as of 16 December 2020 (as documented by the shareholder register
in the Norwegian Central Securities Depository (VPS) as of 18 December 2020, the
"Record Date") who were not allocated shares in the Private Placement and who
are not resident in a jurisdiction where such offering would be unlawful or, for
jurisdictions other than Norway, would require any prospectus, filing,
registration or similar action ("Eligible Shareholders").

The subscription price in the Subsequent Offering will be the same as the Offer
Price in the Private Placement, i.e. NOK 55 per share. The Eligible Shareholders
will receive non-transferrable subscription rights based on their shareholding
as of the Record Date in the Subsequent Offering. Over-subscription with
subscription rights is permitted, but subscription without subscription rights
is not permitted. The Subsequent Offering will be conditional, inter alia, on
(a) completion of the Private Placement, (b) approval of the authorization of
the Board for the Subsequent Offering by the Company's shareholders at the EGM,
and (c) publication of an offer prospectus by the Company. The Company will
issue a separate stock exchange notice with further details on the Subsequent
Offering when finally resolved.

The waiver of the preferential rights inherent in a private placement is
considered necessary in the interest of time and successful completion. Taking
into consideration the time, costs and expected terms of alternative methods of
the securing the desired funding, as well as the proposed Subsequent Offering,
the Board has concluded that the completion of the Private Placement on the
proposed terms at this time is in the mutual interest of the Company and its
shareholders, and that the Private Placement complies with the equal treatment
obligations of the Company.

Advokatfirmaet Wiersholm AS is acting as legal advisor to the Company in
connection with the Private Placement.

For further information, please contact: 
Geir Almås, CEO of SoftOx Solutions AS
Mail: geir.almaas@soft-ox.com
Mobile: +47 977 59 071

About SoftOx Solutions AS 
SoftOx Solutions AS (SoftOx, listed on the Oslo Stock Exchange Euronext Growth)
is a Norwegian MedTech company based in Oslo with the aim of helping to combat
major threats to human health, namely the emergence of antimicrobial resistance
(AMR), biofilm infections in chronic wounds and the spread of viruses. For more
information on SoftOx, visit www.soft-ox.com

Important information 
This announcement is not and does not form a part of any offer to sell, or a
solicitation of an offer to purchase, any securities of the Company. Copies of
this announcement are not being made and may not be distributed or sent into any
jurisdiction in which such distribution would be unlawful or would require
registration or other measures. The securities referred to in this announcement
have not been and will not be registered under the U.S. Securities Act of 1933,
as amended (the "Securities Act"), and accordingly may not be offered or sold in
the United States absent registration or an applicable exemption from the
registration requirements of the Securities Act and in accordance with
applicable U.S. state securities laws. The Company does not intend to register
any part of the offering in the United States or to conduct a public offering of
securities in the United States. Any sale in the United States of the securities
mentioned in this announcement will be made solely to "qualified institutional
buyers" as defined in Rule 144A under the Securities Act. In any EEA Member
State, this communication is only addressed to and is only directed at qualified
investors in that Member State within the meaning of the Prospectus Regulation,
i.e., only to investors who can receive the offer without an approved prospectus
in such EEA Member State. The expression "Prospectus Regulation" means
Regulation (EU) 2017/1129 as amended (together with any applicable implementing
measures in any Member State. This communication is only being distributed to
and is only directed at persons in the United Kingdom that are (i) investment
professionals falling within Article 19(5) of the Financial Services and Markets
Act 2000 (Financial Promotion) Order 2005, as amended (the "Order") or (ii) high
net worth entities, and other persons to whom this announcement may lawfully be
communicated, falling within Article 49(2)(a) to (d) of the Order (all such
persons together being referred to as "relevant persons"). This communication
must not be acted on or relied on by persons who are not relevant persons. Any
investment or investment activity to which this communication relates is
available only for relevant persons and will be engaged in only with relevant
persons. Persons distributing this communication must satisfy themselves that it
is lawful to do so. Matters discussed in this announcement may constitute
forward-looking statements. Forward-looking statements are statements that are
not historical facts and may be identified by words such as "believe", "expect",
"anticipate", "strategy", "intends", "estimate", "will", "may", "continue",
"should" and similar expressions. The forward-looking statements in this release
are based upon various assumptions, many of which are based, in turn, upon
further assumptions. Although the Company believe that these assumptions were
reasonable when made, these assumptions are inherently subject to significant
known and unknown risks, uncertainties, contingencies and other important
factors which are difficult or impossible to predict, and are beyond their
control. Actual events may differ significantly from any anticipated development
due to a number of factors, including without limitation, changes in public
sector investment levels, changes in the general economic, political and market
conditions in the markets in which the Company operates, the Company's ability
to attract, retain and motivate qualified personnel, changes in the Company's
ability to engage in commercially acceptable acquisitions and strategic
investments, and changes in laws and regulation and the potential impact of
legal proceedings and actions. Such risks, uncertainties, contingencies and
other important factors could cause actual events to differ materially from the
expectations expressed or implied in this release by such forward-looking
statements. The Company does not make any guarantee that the assumptions
underlying the forward-looking statements in this announcement are free from
errors nor does it accept any responsibility for the future accuracy of the
opinions expressed in this announcement or any obligation to update or revise
the statements in this announcement to reflect subsequent events. You should not
place undue reliance on the forward-looking statements in this announcement. The
information, opinions and forward-looking statements contained in this
announcement speak only as at its date, and are subject to change without
notice. The Company does not undertake any obligation to review, update,
confirm, or to release publicly any revisions to any forward-looking statements
to reflect events that occur or circumstances that arise in relation to the
content of this announcement. Neither the Manager nor any of their affiliates
makes any representation as to the accuracy or completeness of this announcement
and none of them accepts any responsibility for the contents of this
announcement or any matters referred to herein. This announcement is for
information purposes only and is not to be relied upon in substitution for the
exercise of independent judgment. It is not intended as investment advice and
under no circumstances is it to be used or considered as an offer to sell, or a
solicitation of an offer to buy any securities or a recommendation to buy or
sell any securities of the Company. Neither the Manager nor any of its
affiliates accepts any liability arising from the use of this announcement. The
distribution of this announcement and other information may be restricted by law
in certain jurisdictions. Persons into whose possession this announcement or
such other information should come are required to inform themselves about and
to observe any such restrictions.