Freyr AS (the “Company”) announces that the board of directors has proposed to issue 3,838,401 warrants to Edge Global LLC. The CEO of the Company, Mr Tom Einar Jensen, and Mr Peter Matrai (director in the Company), hold ownership interests in Edge Global LLC. One sixth of the warrants (639,736 for the first period and 639,733 for each of the remaining periods) may be exercised from each of the following dates: 30 September 2020, 31 December 2020, 31 March 2021, 30 June 2021, 30 September 2021 and 31 December 2021. The warrants may be exercised latest within 28 September 2025, where after all warrants that have not been exercised shall lapse. Each warrant, when exercised, will give the right to acquire one share against a subscription price of NOK 1.50. The issue of warrants will be resolved at an extraordinary general meeting, and no consideration shall be payable for the issuance of warrants.
                                                
The board of directors has also resolved to grant 785,967 options to the chairman of the board of directors, Mr Torstein Dale Sjøtveit. 135,967 options will vest on 30 September 2020, and additional 130,000 options will vest on each of the following dates: 31 December 2020, 31 Match 2021, 30 June 2021, 30 September 2021 and 31 December 2021. The options may be exercised from vesting and until 30 September 2025.
 
Under the Company’s employee share option plan, the board of directors has resolved to grant an additional 1,360,000 options to certain employees. This includes 1,000,000 options to the CFO of the Company, Mr Steffen Føreid at an exercise price of NOK 1.50 per share. The exercise price of the other 360,000 options shall be determined by the board of directors pursuant to the Company’s Stock Option Plan. All options must be exercised between 1 October 2023 and 30 September 2025.

Contact details:
CFO Steffen Føreid, steffen.foreid@freyrbattery.com

FREYR:
FREYR is a Norwegian company planning 32+2 GWh lithium-based battery cell factories and a 600 MW wind park in the municipalities Rana and Nesna in Nordland, Norway. The company will supply products to the rapidly growing market for electric vehicles in Europe, as well as develop other markets within the segments marine transportation, storage, aviation and offshore oil through cluster-based R&D initiatives with leading Norwegian and European institutions and companies. For more information, see the home page at: freyrbattery.com