Miami, FL, June 30 2022

Reference is made to the stock exchange notice from Atlantic Sapphire ASA
("Atlantic Sapphire" or the "Company") on 29 June 2022 regarding the successful
placement of 60,060,976 shares (the "Private Placement"). The Private Placement
is divided into two tranches, where the first tranche ("Tranche 1") consists of
18,000,000 new shares and the second tranche ("Tranche 2") consists of
42,060,976 new shares.

The share capital increase pertaining to Tranche 1 was resolved pursuant to a
board authorization granted by the Company's annual general meeting held on 19
May 2022. The share capital increase pertaining to Tranche 2 is subject to
approval of an extraordinary general meeting of the Company, to be held on 20
July 2022.

The share capital increase relating to Tranche 1 has now been registered with
the Norwegian Register of Business Enterprises. The share capital has been
increased with NOK 1,800,000 through issuance of 18,000,000 new shares, each
with a par value of NOK 0.10. The shares allocated to investors in Tranche 1
will be settled on a delivery versus payment basis on 1 July 2022, and such
shares are consequently now tradable. 

The new share capital is NOK 10,904,855.10 divided by 109,048,551 shares, each
with a par value of NOK 0.10.

For further information, please contact:

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