Commenting on the Private Placement, Henrik Nielsen (CEO of Hugo Games), states that "By successfully completing this private placement, Hugo Games has secured a long-term cash position of an additional gross amount of NOK 44 million enabling the company to focus fully on game development and marketing going forward."

A total of 28,602,250 New Shares* were allocated to primary insiders that subscribed for shares in the Private Placement. A complete and detailed disclosure for primary insiders pursuant to the Securities Trading Act section 4-2 will be published separately.

The Private Placement is completed based on a board authorization from the Company's extraordinary general meeting on 30 October 2017. The Private Placement is conditional upon i) successful registration of the resolutions from the extraordinary general meeting of the Company on the 30 October 2017 (to amend the nominal value, completing a capital reduction and reverse split in the ratio 5:1), expected to be registered with the Danish Business Registry on or about the 29 November 2017 and executed in the VPS on or about 1 December 2017 and ii) registration of the increased share capital of the Company pertaining to the Private Placement in the Danish Business Registry.

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