Miami, FL, 2 May 2024

The annual general meeting of Atlantic Sapphire ASA ("Atlantic Sapphire" or the
"Company") will be held electronically on 23 May 2024 at 11:00 EST / 17:00 CEST.
The notice with the full agenda is attached both in Norwegian and English, and
contains the following attachments: (1) The Company's board of directors
proposals for resolutions in item 4-15, (2) the shareholders' rights,
participation and proxy and (3) registration and proxy form. Further information
on how to participate electronically in the annual general meeting has been made
available on the Company's website www.atlanticsapphire.com.

Cancellation of subsequent repair offering

Reference is made to the stock exchange announcement made by the Company on 29
February regarding the successfully completed private placement and the
potential subsequent offering of up to 45,000,000 new shares in the Company at a
subscription price of NOK 1.20 per new share (the "Subsequent Offering").

The purpose of the Subsequent Offering was to limit the dilutive effect for
shareholders who did not participate in the private placement. Following the
announcement, the shares have been traded at or below the subscription price in
the Subsequent Offering. The share price traded at NOK 0.91 as of end of the
last trading day on 30 April 2024, which represented a discount of approximately
24% compared to the subscription price in the Subsequent Offering. Accordingly,
shareholders wishing to reduce the dilutive effect of the private placement have
had the opportunity to purchase shares in the Company in the market at or below
the subscription price in the Subsequent Offering. As a result of this, the
Company's Board of Directors has resolved to not proceed with the Subsequent
Offering. 

For further information, please contact: 

Johan E. Andreassen, CEO