Atlantic Sapphire

Share Issue/Capital Change • Oct 7, 2024

Atlantic Sapphire ASA: Mandatory notification of trades

Atlantic Sapphire ASA: Mandatory notification of trades

Miami, FL, 7 October 2024

Reference is made to the stock exchange announcement on 6 October 2024 from Atlantic Sapphire ASA ("Atlantic Sapphire" or the "Company", and together with its consolidated subsidiaries, the "Group"), regarding the final results of the rights issue (the "Rights Issue"), in which the Company shall issue in total 6,417,000,001 new shares (the "Offer Shares"), as further described in the Company's stock exchange notice dated 6 October 2024. In addition, the Company will issue 7,486,500,058 warrants to subscribers in the Rights Issue, the underwriters, and lenders in the convertible loan resolved to be issued by the Company (the "Warrants").

Reference is further made to the stock exchange announcement from the Company on 2 October 2024 regarding the mandatory notifications of subscriptions by Strawberry Capital AS, Condire Management L.P. and Nordlaks Holding AS of Offer Shares and Warrants in the Rights Issue.

In addition to the subscriptions for Offer Shares and Warrants disclosed in the stock exchange notice dated 2 October 2024, the following close associates to primary insiders have subscribed for Offer Shares and Warrants in connection with the Rights Issue, the underwriting and issuance of the convertible loan:

- Strawberry Capital AS, a close associate of Kenneth Jarl Andersen, the Chairman of the Board of Directors of the Company, has subscribed for 267,375,140 Warrants in connection with the underwriting obligation in the Rights Issue.

- Condire Management L.P., a close associate of Ryan Schedler, Observer on the Board of Directors of the Company, has subscribed for 104,691,787 Offer Shares pursuant to its underwriting obligation, and 1,923,970,894 Warrants in connection with the subscription of Offer Shares pursuant to the underwriting obligation, for the underwriting obligation in the Rights Issue and lending in the convertible loan resolved to be issued by the Company.

- Nordlaks Holding AS, a close associate of Eirik Welde, Deputy Chairman of the Board of Directors of the Company, has subscribed for 96,323,377 Offer Shares pursuant to its underwriting obligation, and 850,286,689 Warrants in connection with the subscription of Offer Shares pursuant to the underwriting obligation and for the underwriting obligation in the Rights Issue.

Further, the Company has raised a convertible loan, as resolved by the extraordinary general meeting of the Company on 17 September 2024 (the "Convertible Loan"). The final allocation of the Convertible Loan shows that Condire Management L.P. has been allocated NOK 213,900,000 of the Convertible Loan and Nordlaks Holding AS has not been allocated any amount under the Convertible Loan.

Please refer to the attached notification forms for further information.

For further information, please contact:

Gunnar Aasbø-Skinderhaug, Atlantic Sapphire ASA, Deputy CEO/ CFO

Gunnar@atlanticsapphire.com

Investorrelations@atlanticsapphire.com

This information is subject to the disclosure requirements pursuant to the Market Abuse Regulation art. 19 and the Norwegian Securities Trading Act section 5-12.

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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 up to 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 long-term targeted harvest volume of 220,000 tons.