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

Miami, FL, 24 August 2022

Reference is made to the stock exchange announcement by Atlantic Sapphire ASA
(the "Company") on 10 August 2022 regarding the approval and publication of a
prospectus (the "Prospectus"), and the stock exchange announcement on 11 August
2022 regarding the start of the subscription period in the subsequent offering
(the "Subsequent Offering") of up to 9,000,000 new shares (the "Offer Shares"),
each at a subscription price of NOK 20.50.

The subscription period in the Subsequent Offering expired on 24 August 2022 at
16.30 CEST. By the end of the subscription period, the Company had received
valid subscriptions for a total of 2 156 882 Offer Shares. A total of 2 156 882
Offer Shares have been allocated by the Company's Board of Directors in
accordance with the allocation criteria set out in the Prospectus. The
Subsequent Offering accordingly raised gross proceeds of approximately NOK 44
million.

As a consequence of the allocations of Offer Shares, the Board of Directors has
today resolved to increase the Company's share capital with NOK 215 688.20,
through the issuance of 2 156 882 Offer Shares, each with a par value of NOK
0.10.

Notifications of allocated Offer Shares and the corresponding amount to be paid
by each subscriber will be set out in a separate notification to each subscriber
to whom Offer Shares have been allotted. The notifications are expected to be
sent tomorrow, on 25 August 2022. The due date for payment of allocated Offer
Shares is 29 August 2022.

Subject to timely payment of the Offer Shares by the subscribers in the
Subsequent Offering and registration of the share capital increase pertaining to
the Subsequent Offering, the Offer Shares are expected to be delivered to the
VPS accounts of the subscribers on or about 2 September 2022.

DNB Markets, a part of DNB Bank ASA, acts as Sole Global Coordinator and Joint
Bookrunner and Arctic Securities AS acts as Joint Bookrunner in the Subsequent
Offering (jointly, the "Managers"). Advokatfirmaet CLP DA is acting as legal
advisor for the Company in connection with the Subsequent Offering.
Advokatfirmaet BAHR AS is acting as legal advisor for the Managers in connection
with the Subsequent Offering. 

For further information, please contact:

Johan E. Andreassen 
Chairman, Atlantic Sapphire ASA, and CEO, Atlantic Sapphire USA LLC