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, 11 August 2022

Reference is made to the stock exchange notice from Atlantic Sapphire ASA (the
"Company") published on 29 June 2022 regarding the completion of a private
placement raising gross proceeds of approximately NOK 1,231 million through
issuance of new shares in the Company (the "Private Placement") and the key
information notice dated 29 June 2022 regarding a potential subsequent offering
of up to 9,000,000 new shares in the Company, each with a nominal value of NOK
0.10 (the "Offer Shares" and the "Subsequent Offering"). Reference is
furthermore made to the authorization granted to the Board of Directors of the
Company (the "Board") by an extraordinary general meeting of the Company held on
20 July 2022 (the "EGM") and the stock exchange notice regarding approval and
publication of a prospectus by the Norwegian Financial Supervisory Authority,
released on 10 August 2022.

The Private Placement consisted of two tranches, one tranche of 18,000,000 new
shares ("Tranche 1") and one tranche of 42,060,976 new shares ("Tranche 2"). The
share capital increase pertaining to the new shares in Tranche 1 were approved
by the Board on 29 June 2022 and were issued in the VPS on the ordinary ISIN of
the Company's shares. The share capital increase pertaining to the new shares in
Tranche 2 were approved by the EGM on 20 July 2022 and were issued in the VPS on
a separate ISIN, pending approval and publication of a listing prospectus.

The Company has prepared a prospectus for the listing of the Tranche 2 shares
and for carrying out the Subsequent Offering (the "Prospectus"). The Prospectus
was approved by the Norwegian Financial Supervisory Authority on 10 August 2022,
and was published at the following websites on the same day,
www.dnb.no/emisjoner, www.arctic.com/secno/en/offerings and on the website of
the Company (https://atlanticsapphire.com/investor-relations/).

Further information about the Subsequent Offering

The Board has resolved to initiate the Subsequent Offering. The Subsequent
Offering consists of an offer of up to 9,000,000 new shares at a subscription
price of NOK 20.50 per Offer Share (the "Subscription Price") directed towards
Eligible Shareholders (as defined below), thereby raising gross proceeds of up
to NOK 184.5 million. The Subscription Price in the Subsequent Offering is equal
to the subscription price in the Private Placement. 

The Subsequent Offering is directed towards the shareholders in the Company as
of 28 June 2022, as registered in the VPS on 30 June 2022 (the "Record Date"),
who (i) were not included in the pre-sounding phase of the Private Placement,
(ii) were not allocated Offer Shares in the Private Placement, and (iii) are not
resident in a jurisdiction where such offering would be unlawful or, for
jurisdictions other than Norway, would require any prospectus, filing,
registration or similar action (the "Eligible Shareholders"). Eligible
Shareholders will, based on their registered holding in the VPS at the end of
the Record date, be granted non-tradable subscription rights (the "Subscription
Rights") to subscribe for and be allocated Offer Shares in the Subsequent
Offering. The Company will issue 0.15924 Subscription Rights per 1 (one) Share
held in the Company registered as held on the Record Date.

The number of Subscription Rights issued to each Eligible Shareholder will be
rounded down to the nearest whole number of Subscription Rights without
compensation to the holder. Each Subscription Right grants the holder the right
to subscribe for and be allocated 1 (one) Offer Share in the Subsequent
Offering. Oversubscription will be permitted. Subscription without Subscription
Rights will not be permitted.

The subscription period in the Subsequent Offering will commence today, on 11
August 2022 at 09:00 (CEST) and will close on 24 August 2022 at 16:30 (CEST).

Allocation of the Offer Shares is expected to take place on 25 August 2022, and
the payment for the Offer Shares allocated to a subscriber is expected to fall
due on 29 August 2022. The Company expects that the share capital increase
pertaining to the Subsequent Offering will be registered with the Norwegian
Register of Business Enterprises (Nw: Foretaksregisteret) on or about 1
September 2022 and that the Offer Shares will be delivered to the VPS accounts
of the subscribers to whom they are allocated on or about 2 September 2022,
subject to timely payment of the aggregate Subscription Price by the subscriber.

The completion of the Subsequent Offering is subject to the following
conditions