Atlantic Sapphire — Capital/Financing Update 2022

Mar 31, 2022

Atlantic Sapphire ASA: USD 25 million Credit Facility Secured

Atlantic Sapphire ASA: USD 25 million Credit Facility Secured

Miami, FL, March 31, 2022

Atlantic Sapphire ASA (the “Company”, and together with its consolidated subsidiaries, the “Group”) announces that its wholly-owned subsidiary, Atlantic Sapphire USA LLC (the “Borrower”) today has entered into an additional three-month credit facility in an aggregate amount of up to USD 25 million (the “Facility”) with DNB Capital, LLC as lender, as a next step towards a fully financed US Phase 2 construction project.

The Facility is repayable on the earlier of (i) three months from the closing date or (ii) on the occurrence of various standard events of default. The Facility will be secured by a second priority security interest and lien on all assets and equity interests held by the Company and the Borrower. The Facility includes covenants in line with the Group's existing credit facilities.

The Facility provides for immediately available funds and secures the Group additional liquidity while the details of the overall long-term financing are being finalized.

For further information, please contact:

Johan E. Andreassen

Chairman, Atlantic Sapphire ASA, and CEO, Atlantic Sapphire USA LLC;

Karl Øystein Øyehaug

Managing Director, Atlantic Sapphire ASA, and Chief Financing Officer, Atlantic Sapphire USA LLC

investorrelations@atlanticsapphire.com

About Atlantic Sapphire ASA

Atlantic Sapphire is pioneering Bluehouse® (land-raised) salmon farming, locally, and transforming protein production, globally. Atlantic Sapphire has been operating its innovation center in Denmark since 2011 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 has identified and obtained the requisite permits to construct its Bluehouse® in the ideal location in Homestead, Florida, just south of Miami. The Company has completed Phase 1 construction, 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 targeted harvest volume in 2031 of 220,000 tons.