Atlantic Sapphire

Related Party Transaction • Jun 28, 2022

Atlantic Sapphire ASA: Notifiable Transactions In Connection With Private Placement

Atlantic Sapphire ASA: Notifiable Transactions In Connection With Private Placement

Miami, FL, 28 June 2022

Reference is made to the stock exchange notice from Atlantic Sapphire ASA ("Atlantic Sapphire ASA or the "Company") published on 28 June 2022 regarding the completion of a private placement raising gross proceeds of approximately NOK 1,231 million (the "Private Placement") through issuance of new shares (the "Offer Shares") in the Company with a subscription price of NOK 20.50 per Offer Share (the "Offer Price").

The following persons discharging managerial responsibilities and their close associates have been allocated Offer Shares in Tranche 2B (as defined in the stock exchange notice published on 28 June 2022) in the Private Placement at the Offer Price:

i) Alsco AS, a close associate of Chairman Johan Andreassen, has been allocated 487,804 Offer Shares, for a total subscription amount of NOK 9,999,982.00;

ii) Vatne Equity AS, a close associate of director Runar Vatne, has been allocated 2,439,024 Offer Shares, for a total subscription amount of NOK 49,999,992.00;

iii) Tone Bjørnov, director, has been allocated 9,756 Offer Shares, for a total subscription amount of NOK 199,998.00;

iv) ASInvest AS, a close associate of director André Skarbø, has been allocated 701,151 Offer Shares, for a total subscription amount of NOK 14,373,595.50;

v) Karl Øystein Øyehaug, Chief Financing Officer, has been allocated 12,195 Offer Shares, for a total subscription amount of NOK 249,997.50;

vi) Jon-Birger Løvik, Chief Operating Officer, has been allocated 24,390 Offer Shares, for a total subscription amount of NOK 499,995.00; and

vii) Svein Taklo, Chief Development and Infrastructure Officer, has been allocated 9,756 Offer Shares, for a total subscription amount of NOK 199,998.00.

In order to facilitate for settlement on a delivery versus payment basis of Tranche 2A Shares (as defined in the stock exchange notice published on 29 June 2022) in the Private Placement, a share lending agreement has been entered into between the Company, and its shareholders Alsco AS and JEA Invest AS (the "Lending Shareholders") and DNB Markets (the "Share Lending Agreement"). Pursuant to the Share Lending Agreement, the Share Lenders have agreed to lend 11,013,310 existing shares in the Company to DNB Markets. Alsco AS and JEA Invest AS are both close associates of chairman Johan E. Andreassen.

Issuance of the Offer Shares in Tranche 2B is conditional upon approval of the share capital increase pertaining to Tranche 2B in an extraordinary general meeting of the Company, to be held on or about 20 July 2022.

Please see attached notification forms for further information.

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 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 targeted harvest volume in 2031 of 220,000 tons.

This information is subject to the disclosure requirements pursuant to Regulation EU 596/2014 (MAR) article 19 and the Norwegian Securities Trading Act section 5-12.