Atlantic Sapphire

Share Issue/Capital Change • Apr 8, 2024

Atlantic Sapphire ASA: Resolution to Increase the Share Capital for Settlement of Underwriting Commission

Atlantic Sapphire ASA: Resolution to Increase the Share Capital for Settlement of Underwriting Commission

Miami, FL, 8 April 2024

Reference is made to previous stock exchange announcements from Atlantic Sapphire ("Atlantic Sapphire" or the "Company") regarding the underwritten private placement of 307,125,000 new shares at price per new share of NOK 1.20, raising gross proceeds of approximately NOK 369 million ("Private Placement"). Pursuant to the underwriting agreement entered into by the Company in connection with the Private Placement, the underwriters' underwriting commission of 5% of their respective underwriting obligations shall be settled through issuance of new shares. Moreover, under the share lending agreement, also entered into by the Company in connection with Private Placement, the underwriters shall receive settlement with already existing tradable shares in the Company with the Company's shareholders Nordlaks Holding AS ("Nordlaks") and Strawberry Capital AS ("Strawberry") as share lenders.

The Company's board of directors has today resolved to increase the share capital with NOK 1,535,624.30 through issuance of 15,356,243 new shares at a subscription price of NOK 1.20 per new share, each with a par value of NOK 0,10. The resolution was made by the board of directors pursuant to a board authorization granted by an extraordinary general meeting held on 22 March 2024. Out of the new shares, 5,912,466 new shares and 3,941,643 new shares will be allocated to settle the Company's obligations under the share lending agreement with Nordlaks and Strawberry, respectively, as share lenders. Additionally, 3,310,883 new shares and 2,191,251 new shares will be allocated to settle Nordlaks and Strawberry's underwriting commissions as underwriters, respectively, in accordance with the underwriting agreement.

The new shares will be issued to a separate ISIN pending the publication of an EEA prospectus approved by the Norwegian Financial Supervisory Authority.

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

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 approximately 10,000 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.