REC Silicon

REC Silicon - Cancellation of subsequent offering

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INDIRECTLY, IN AUSTRALIA, CANADA, JAPAN OR THE UNITED STATES OR ANY OTHER

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UNLAWFUL.

Lysaker, 1 December 2020

Reference is made to the stock exchange announcements by REC Silicon ASA (the

"Company") on 14 October 2020 and 15 October 2020 regarding the successful

completion of a private placement raising gross proceeds of approximately NOK

1,000 million (the "Private Placement") and a potential subsequent offering (the

"Subsequent Offering") of up to 18,518,518 new shares directed towards

shareholders of the Company as of 14 October 2020 who were not allocated shares

in the Private Placement.

The Company has decided not to initiate the Subsequent Offering.

The background for the cancellation is that the Company's shares have over time

traded on the Oslo Stock Exchange, with significant trading volume, at prices

below the subscription price in the Private Placement of NOK 10.80. Accordingly,

shareholders wishing to neutralize the dilutive effect of the Private Placement

have had the opportunity to purchase shares in the Company in the open market,

at prices below what would have been the subscription price in the Subsequent

Offering.

For further information, please contact:

James A. May II, Chief Financial Officer

Phone: +1 509 989 1023

Nils O. Kjerstad

IR Contact

Phone: +47 9135 6659

About the Company:

REC Silicon is a leading producer of advanced silicon materials, delivering

high-purity polysilicon and silicon gas to the solar and electronics industries

worldwide. We combine over 30 years of experience and proprietary technology

with the needs of our customers, with annual production capacity of more than

20,000 MT of polysilicon from our two US-based manufacturing plants. Listed on

the Oslo Stock Exchange (ticker: RECSI), the Company is headquartered in

Lysaker, Norway. For more information, please visit: www.recsilicon.com.

This information is subject to the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.

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