Saga Pure — Capital/Financing Update 2020

Dec 14, 2020

Saga Pure ASA - Private placement successfully completed

Saga Pure ASA - Private placement successfully completed

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Oslo, 14 December 2020.

Reference is made to the stock exchange release from Saga Pure ASA ("SAGA " or

the "Company") published on 14 December 2020 regarding a contemplated private

placement (the "Private Placement"). The Company is pleased to announce that it

has raised NOK 73.5 million in gross proceeds through the Private Placement of

35,000,000 new shares (the "Offer Shares"), at a price per share of NOK 2.10

(the "Subscription Price"). Fearnley Securities AS acted as Sole Manager and

Bookrunner (the "Manager") for the Private Placement.

The Private Placement was well oversubscribed and upsized from the initially

contemplated amount of 30 million Offer Shares based on the strong investor

demand. The net proceeds from the Private Placement will be used to strengthen

the Company's working capital and investment capacity in the green investment

universe and for general corporate purposes.

Notifications of allotment of the Offer Shares including settlement instructions

will be sent to the applicants through a notification from the Manager on or

about 15 December 2020. Settlement for the Private Placement is expected to be

on or about 17 December 2020 (DVP, T+2). The delivery of New Shares will be

settled with existing and unencumbered shares in the Company that are already

listed on the Euronext Expand, pursuant to a share lending agreement between the

Manager and the Company's largest shareholder, Øystein Stray Spetalen.

Accordingly, the shares delivered to the investors will be tradable upon

delivery.

In order to settle the share loan, the Company's Board of Directors has resolved

to issue 35,000,000 new shares in the Company pursuant to an authorisation

granted by the Company's annual general meeting. Consequently, the share capital

of the Company will be increased with NOK 350,000. Following registration of the

Private Placement, the Company will have 409,149,831 shares outstanding, each

with a par value of NOK 0.01.

The Company has resolved to carry out a subsequent offering of up to 4 million

new shares in the Company (the "Subsequent Offering") to limit the dilutive

effect of the Private Placement. In the Subsequent Offering, the shareholders in

the Company as of 14 December 2020, as registered in the VPS on 16 December

2020, who were not invited to subscribe for Offer Shares in the Private

Placement and who are not resident in a jurisdiction where such offering would

be unlawful, or would require any prospectus filing, registration or similar

action, will receive subscription rights that may be used to subscribe for new

shares in the Subsequent Offering. The subscription rights will not be listed

and subscription without subscription rights will not be allowed in the

Subsequent Offering. Oversubscription will be allowed. The subscription price in

the Subsequent Offering will be the same as in the Private Placement, i.e. NOK

2.10 per share. Launch of the Subsequent Offering will be conditional upon; (i)

the prevailing market price of the Company's shares, (ii) relevant corporate

resolutions being passed by the Company's Board of Directors, and (iii) approval

and publication of a prospectus by the Norwegian Financial Supervisory

Authority. Subject to satisfaction of the abovementioned conditions, the

Subsequent Offering will be carried out pursuant to an authorization to increase

the share capital held by the Board of Directors and with a two-week

subscription period. Further information about the Subsequent Offering will be

given by means of separate stock exchange notice.

The waiver of the preferential rights inherent in a private placement is

considered necessary in the interest of time and successful completion of the

Private Placement. Taking into consideration the time, costs and expected terms

of alternative methods of the securing the desired funding and the Subsequent

Offering to be carried out, the Board has concluded that the completion of the

Private Placement on the proposed terms at this time is in the mutual interest

of the Company and its shareholders, and considers that the Private Placement

complies with the equal treatment obligations under the Norwegian Securities

Trading Act and the Oslo Stock Exchange's Circular no. 2/2014.

Advokatfirmaet CLP DA acts as Norwegian legal counsel to the Company in

connection with the Private Placement.

For additional information, please contact:

Bjørn Simonsen, CEO, +47 97 17 98 21

Espen Lundaas, CFO, +47 92 43 14 17

This information is subject to the disclosure requirements pursuant to Section

5-12 the Norwegian Securities Trading Act