Saga Pure — Share Issue/Capital Change 2020

Dec 18, 2020

Saga Pure ASA: Private placement in Bergen Carbon Solutions approved and option agreement signed

Saga Pure ASA: Private placement in Bergen Carbon Solutions approved and option agreement signed

(Oslo, 18 December 2020) Reference is made to the stock exchange release as of

11 December 2020 regarding Saga Pure ASA's (Saga, OSE: SAGA) subscription of NOK

30 million in a gross NOK 40 million private placement of new shares (the

"Private Placement") in Bergen Carbon Solutions AS (BCS), corresponding to an

ownership of 21.4% in BCS.

On 18 December the Extraordinary General Meeting of BCS approved the

oversubscribed Private Placement, whereof Saga has been allocated shares for the

full subscription amount of NOK 30 million, corresponding to an ownership of

21.4%.  Payment of the Private Placement is expected to take place on or about

22 December 2020.

In connection with the Private Placement, Saga and BCS has entered into an

Option Agreement which gives Saga the right, but no obligation, to purchase

additional shares up to NOK 30 million at a share price 10 % above the

subscription price in the Private Placement.  If the Option Agreement is

exercised in full, Saga's ownership will increase to 34.2%, assuming no

additional shares are issued. The Option Agreement expires 9 months after the

Private Placement is registered in Norwegian registered foreign business

(Norwegian; Brønnøysundregistrene).

"We are pleased to announce that the investment process in BCS is on track. This

investment is definitely in line with the new strategy of Saga, and a technology

approach to CO2 we really like, and see great potential for. We look forward to

work actively with and support the company going forward," says Bjørn Simonsen,

CEO of Saga.

Bjørn Simonsen, CEO of Saga, has been elected as a board member in BCS. As a

large shareholder Saga will take active part in further business development,

strategy and financial structure of BCS.

BCS will use the net proceeds from the Private Placement to build a commercial

scale production unit, strengthen the company's working capital and for general

corporate purposes.

ENDS

For further information, please contact:

Bjørn Simonsen, CEO, +47 97 17 98 21

Espen Lundaas, CFO, +47 92 43 14 17

About Saga Pure ASA

Saga Pure is an investment company focusing on opportunities within renewable

energy, hydrogen, circular economy and CO(2)-reductions.

About Bergen Carbon Solution AS

Bergen Carbon Solutions AS (BCS) is a company that has developed an innovative

electrolysis process that transforms CO(2) into high value carbon nanofibers

(CNF) using significantly less electricity than the conventional production

methods. CNF have a unique combination of strength, weight and exceptional heat

and electricity conductivity. CNF is used in numerous areas and industries such

as aerospace and defense, automotive, sports, electronics, construction, energy

and others.