NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART DIRECTLY OR
INDIRECTLY, IN AUSTRALIA, CANADA, JAPAN OR THE UNITED STATES OR ANY OTHER
JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE
UNLAWFUL. THIS ANNOUNCEMENT IS NOT A PROSPECTUS AND DOES NOT CONSTITUTE AN OFFER
OF ANY OF THE SECURITIES DESCRIBED HEREIN. 


(Oslo, 3 June 2021) Atlantic Sapphire ASA ("Atlantic Sapphire" or the "Company")
has retained Arctic Securities AS, BofA Securities, and DNB Markets, a part of
DNB Bank ASA, as Joint Global Coordinators and Joint Bookrunners (together, the
"Managers") in connection with a private placement of the NOK equivalent of up
to USD 120 million in new shares to be issued by the Company (the "Offer
Shares") after close of trading on the Oslo Stock Exchange today (the "Private
Placement").

Capex and Financing
The net proceeds of the Private Placement will be used to part-finance
completion of the construction of Phase 2 with its expected capex of USD 210
million, plus USD 15 million for certain investments that will benefit expansion
beyond Phase 2, and general corporate purposes. The remaining financing
requirement of Phase 2 will be covered through already existing debt facilities
of USD 150 million, comprised of USD 32 million committed facilities, USD 98
million uncommitted accordion facility and as of Q1 2021 an undrawn RCF of USD
20 million. The 98 million facility amount is permitted to be incurred under the
facility agreement subject to certain conditions including compliance with
existing financial covenants. The Company may request existing and new lenders
(existing lenders have first right of refusal) for this facility amount. 

Operational Update
As communicated by the Company, the Q1 US operational challenges are being
addressed and the implemented measures are all on track with ca. half the tanks
having new centre drains installed