Reference is made to the extraordinary general meeting in FREYR AS (the Company) held on 16 February 2021. The general meeting resolved to increase the Company's share capital with NOK 75,000 by issuing 7,500,000 new convertible preference shares to Encompass (Encompass Capital Master Fund LP, BEMAP Master Fund Ltd, and/or Encompass Capital E L Master Fund L.P allocated in a proportion they may agree among themselves) against a total share contribution of USD 7,500,000. The general meeting resolved to terminate the 92,500,000 warrants which were issued to Emcompass Capital Master Fund LP and BEMAP Master Fund Ltd by the resolution of the general meeting of 11 November 2020, and to issue 92,500,000 warrants to Encompass Capital Master Fund LP, BEMAP Master Fund Ltd. and Encompass Capital E L Master Fund L.P.

The general meeting further resolved to issue 2,308,526.00 warrants to Sumisho Metalex Corporation. Each warrant gives the right to subscribe for one new share in FREYR AS. A cash payment shall be made per share (subscription price) of NOK 0.01 upon exercising the subscription rights.

The share capital increase and issuance of warrants were registered in the Business Registry on 12 March 2021.

The Company’s share capital after the capital increase is NOK 2,241,968.27 divided on 209,196,827 common shares and 15,000,000 convertible preference shares, each with a nominal value of NOK 0.01.


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About FREYR AS
FREYR plans to develop up to 43 GWh of battery cell production capacity by 2025 to position the company as one of Europe’s largest battery cell suppliers. The facilities will be located in the Mo i Rana industrial complex in Northern Norway, leveraging Norway’s highly skilled workforce and abundant, low-cost renewable energy sources from hydro and wind in a crisp, clear and energized environment. FREYR will supply safe, high energy density and cost competitive clean battery cells to the rapidly growing global markets for electric vehicles, energy storage, and marine applications. FREYR is committed to supporting cluster-based R&D initiatives and the development of an international ecosystem of scientific, commercial, and financial stakeholders to support the expansion of the battery value chain in our region. For more information, please visit www.freyrbattery.com.

Contact information:
Steffen Føreid, CFO, +47 9755 7406, steffen.foreid@freyrbattery.com 
Harald Bjørland, Investor Relations, +47 908 58 221, harald.bjorland@freyrbattery.com