Atlantic Sapphire

Share Issue/Capital Change • Mar 22, 2024

Atlantic Sapphire ASA: Mandatory notification of trades and disclosure of large shareholdings – Tranche 2

Atlantic Sapphire ASA: Mandatory notification of trades and disclosure of large shareholdings – Tranche 2

Miami, FL, 22 March 2024

Reference is made to the stock exchange notice by Atlantic Sapphire ASA ("Atlantic Sapphire" or the "Company") on 29 February 2024 regarding the completion of an underwritten private placement raising gross proceeds of approximately NOK 369 million (the "Private Placement") through issuance of new shares (the "Offer Shares") in the Company at a subscription price of NOK 1.20 per Offer Share (the "Offer Price").

The Private Placement is divided into two tranches, one tranche consisting of 156,080,000 Offer Shares ("Tranche 1") and the other tranche consisting of 151,045,000 Offer Shares ("Tranche 2"). The share capital increase pertaining to Tranche 1 was resolved by the Company's board of directors (the "Board") on 29 February 2024, while the share capital increase pertaining to Tranche 2 was approved in the Company's extraordinary general meeting held today on 22 March 2024 (the "EGM").

In order to facilitate for settlement on a delivery versus payment ("DVP") basis of Offer Shares and Consideration Shares in the Private Placement, a share lending agreement has been entered into between the Company, Nordlaks Holding AS ("Nordlaks") and Strawberry Capital AS ("Strawberry") (as "Share Lenders"), and DNB Markets, a part of DNB Bank ASA (as "Lending Manager") (the "Share Lending Agreement").

Under the Share Lending Agreement, the Lending Manager will borrow 90,627,000 existing tradable shares in the Company from Nordlaks, and 60,418,000 existing tradable shares in the Company from Strawberry in connection with the DVP settlement of Tranche 2.

Prior to the consummation of the share loans under the Share Lending Agreement related to the DVP settlement of Tranche 2, Nordlaks owns 122,536,252 shares while Strawberry owns 81,098,559 shares in the Company, representing approximately 12.83% and 8.49 % of the votes and shares in the Company, respectively.

Following the effectuation of the share loans in connection with the DVP settlement of Tranche 2, Nordlaks will hold 31,909,252 shares, representing 3.34% of the votes and shares in the Company, whereas Strawberry will hold 20,680,559 shares, representing 2.16% of the votes and shares in the Company. As a result, Nordlaks will fall below the 10% and 5% thresholds, and Strawberry will fall below the 5% threshold, pursuant to section 4-2 of the Norwegian Securities Trading Act.

Please see the attached forms in accordance with article 19 of the Market Abuse Regulation.

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.

This information is subject to the disclosure requirements pursuant to the Market Abuse Regulation (EU) 596/2014 article 19 number 3 and sections 4-2 and 5-12 of the Norwegian Securities Trading Act.