Atlantic Sapphire

Major Shareholding Notification • Sep 30, 2024

Atlantic Sapphire ASA: Mandatory notifications of trade – subscription of Convertible Loan

Atlantic Sapphire ASA: Mandatory notifications of trade – subscription of Convertible Loan

Miami, FL, 30 September 2024

Reference is made to the extraordinary general meeting held on 17 September 2024, where the general meeting, among other matters, approved the raise of a convertible loan of minimum NOK 213,900,000 and maximum NOK 328,822,625 (the "Convertible Loan").

The lenders under the Convertible Loan, Condire Management L.P. and Nordlaks Holding AS, has today subscribed for their respective portions of the Convertible Loan. The final allocation of loan amounts under the Convertible Loan will be set by the Board of Directors of Atlantic Sapphire ASA following expiry of the subscription period in the ongoing Rights Issue, and updated information on the final allocation will be made available at such time.

Please refer to the attached notification forms for further information.

For further information, please contact:

Gunnar Aasbø-Skinderhaug, Atlantic Sapphire ASA, Deputy CEO/ CFO

Gunnar@atlanticsapphire.com

Investorrelations@atlanticsapphire.com

This information is subject to the disclosure requirements pursuant to the Market Abuse Regulation art. 19 and the Norwegian Securities Trading Act section 5-12.

About Atlantic Sapphire ASA:

Atlantic Sapphire is pioneering Bluehouse® (land-raised) salmon farming, locally, and transforming protein production, globally. Atlantic Sapphire operated its innovation center in Denmark from 2011 until 2021 with a strong focus on R&D and innovation to equip the Company with the technology and procedures that enable the Company to commercially scale up production in end markets close to the consumer. 

In the US, the Company holds the requisite permits and patents to construct its Bluehouse® in an ideal location in Homestead, Florida, just south of Miami. The Company's Phase 1 facility is in operation, which provides the capacity to harvest up to approximately [9,500 tons] (HOG) of salmon annually. The Company completed its first commercial harvest in the US in September 2020. Atlantic Sapphire is currently constructing its Phase 2 expansion, which will bring total annual production capacity to 25,000 tons and has a long-term targeted harvest volume of 220,000 tons.