Atlantic Sapphire — Major Shareholding Notification 2023

Oct 11, 2023

Atlantic Sapphire ASA: Disclosure of Large Shareholding

Atlantic Sapphire ASA: Disclosure of Large Shareholding

11 October 2023

Reference is made to the stock exchange notice made by Atlantic Sapphire ASA (the "Company") on 19 September 2023 regarding the completion of a private placement raising gross proceeds of approximately USD 65 million (the "Private Placement") through the allocation of 501,428,571 new shares at a price per share of NOK 1.40.

Further reference is made to the Company's stock exchange notice today, regarding the resolution by the Company's extraordinary general meeting (the "EGM") to, inter alia, issue 446,428,571 shares in relation to the settlement of Tranche 2 of the Private Placement.

Funds and entities managed by Condire Investors, LLC and its affiliates ("Condire") have been allocated a total of 96,428,571 new shares in connection with the Private Placement, of which 85,851,649 shares have been allocated as part of Tranche 2. Following the completion of Tranche 2 of the Private Placement, Condire owns a total of 97,428,571 shares in the Company, representing 12.48% of the issued shares and voting rights, and has thereby exceeded the 10% disclosure threshold.

This disclosure is made pursuant to section 4-2 and 4-3 of the Norwegian Securities Trading Act.