Miami, FL, 19 September 2023

Reference is made to the stock exchange release from Atlantic Sapphire ASA
("Atlantic Sapphire" or the "Company") published on 19 September 2023 regarding
a contemplated private placement.

The Company is pleased to announce that it has raised NOK 702 million, i.e. the
equivalent of USD 65 million, in gross proceeds through a private placement (the
"Private Placement") of 501,428,571 new shares, at a price per new share of NOK
1.40 (the "Offer Shares" and the "Offer Price"), subject to satisfaction of the
Conditions (as defined below). The Private Placement was carried out on the
basis of an accelerated bookbuilding process managed by Arctic Securities AS and
DNB Markets, a part of DNB Bank ASA, (together, the "Managers") as Joint
Bookrunners after close of markets on 19 September 2023.

The net proceeds from the Private Placement will be used to reach an estimated
EBITDA break-even for Phase 1 during H1 2024, with a cash buffer. The Company
will deploy rental chillers estimated to bring water temperatures back to
budgeted levels. The Company may upon satisfactory system performance seek to
eliminate chiller rental costs by utilizing excess buffer towards finalizing
investment in the new Phase 1 & 2 chiller plant.

The Private Placement is divided into two tranches. The tranches will be settled
on a delivery versus payment ("DVP") basis facilitated through a pre-funding
agreement entered into between the Company and the Managers.

The first tranche consists of 55,000,000 Offer Shares ("Tranche 1"), and the
share capital increase pertaining to Tranche 1 has been resolved by the
Company's Board of Directors. Completion of Tranche 1 by delivery of the Tranche
1 Offer Shares is subject to registration of the share capital increase
pertaining to Tranche 1 with the Norwegian Registry for Business Enterprises
("NRBE") and the registration of the Tranche 1 Offer Shares in Euronext
Securities Oslo ("VPS") (the "Tranche 1 Conditions"). Subject to completion of
the Tranche 1 Conditions, delivery of Tranche 1 Offer Shares will be made on a
DVP basis on or about 22 September 2023 as immediately tradable shares.

The second tranche consists of 446,428,571 Offer Shares ("Tranche 2").
Completion of Tranche 2 by delivery of the Tranche 2 Offer Shares is subject to