Miami, FL, 29 February 2024

Reference is made to the stock exchange release from Atlantic Sapphire ASA
("Atlantic Sapphire" or the "Company") published on 29 February 2024 regarding a
contemplated underwritten private placement.

The Company is pleased to announce that it has raised NOK 369 million, i.e. the
equivalent of USD 35 million, in gross proceeds through a private placement (the
"Private Placement") of 307,125,000 new shares, at a price per new share of NOK
1.20 (the "Offer Shares" and the "Offer Price"). 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 29 February 2024.

The net proceeds from the Private Placement will be used to support Phase 1 to
proven state and for general corporate purposes, as described in the Q4 2023
Operational Update announced on 29 February 2024. 

The Private Placement is divided into two tranches with one tranche of
156,080,000 Offer Shares ("Tranche 1") resolved by the Company's board of
directors (the "Board") pursuant to a board authorisation granted by the general
meeting on 23 October 2023, and a second tranche of 151,045,000 Offer Shares
("Tranche 2") subject to the approval of an extraordinary general meeting to be
held on or about 22 March 2024 (the "EGM").

The Private Placement was fully subscribed, and the Underwriters were therefore
not allocated Offer Shares beyond the amount of Offer Shares that they had
subscribed for. The Underwriters' underwriting commission of 5.00 % of their
respective underwriting obligations, will be settled through the issuance of new
shares in the Company subject to the approval of a board authorization from the
EGM. The shares to be issued as underwriting commission will be issued following
the EGM.

Delivery of Offer Shares in both Tranche 1 and Tranche 2, including new shares
to the Underwriters, will be made on a delivery versus payment ("DVP") basis
with existing and unencumbered shares in the Company that are already listed on
the Oslo Stock Exchange, pursuant to a share lending agreement between DNB
Markets (on behalf of the Managers), the Company, Nordlaks Holding AS and
Strawberry Capital AS (the "Share Lending Agreement"). The Offer Shares
delivered to the applicants in Tranche 1 will thus be tradable from allocation
and the Offer Shares delivered to the applicants in Tranche 2 will be tradable
after approval in the EGM. The Share Lending Agreement will be settled through
delivery of new shares to a separate ISIN pending the publication of an EEA
prospectus approved by the Financial Supervisory Authority (the "Prospectus"). 

The following persons discharging managerial responsibilities ("PDMRs") and
close associates to PDMRs has subscribed for and been allocated Offer Shares in
the Private Placement at the Offer Price:

-	ASInvest AS, a close associate of André Skarbø, Board member, has been
allocated 3,878,204 Offer Shares at the Offer Price, corresponding to a total
subscription amount of approximately NOK 4,653,845