Completion of private placement, registration of share capital increase

NOT FOR DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY IN OR INTO THE UNITED STATES, CANADA, JAPAN OR AUSTRALIA OR ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL. OTHER RESTRICTIONS ARE APPLICABLE. PLEASE SEE THE IMPORTANT INFORMATION AT THE END OF THE ANNOUNCEMENT

Oslo, 7 July 2016: Reference is made to the stock exchange notice by Targovax ASA (“Targovax” or the “Company”) published on 6 July 2016 regarding the approval by the extraordinary general meeting in the Company of the private placement announced by the Company on 20 June 2016 and 21 June 2016, and the issuance of 14,685,000 new shares, each with a nominal value of NOK 0.10.

The share capital increase pertaining to the private placement has now been registered in the Norwegian Register of Business Enterprises. The new share capital of the Company is NOK 4,159,036.70 divided into 41,590,367 Shares, with each Share having a nominal value of NOK 0.10.

The shares in the Company, including the new shares issued in the private placement, will be listed on Oslo Axess on 8 July 2016.

This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

For further information, please contact:

Gunnar Gårdemyr, CEO

Phone: +46 73 083 77 79

Email: ggardemyr@targovax.com

Øystein Soug, CFO

Phone: +47 906 56 525

Email: oystein.soug@targovax.com

Source: www.targovax.com