Ensurge Micropower ASA: Private placement successfully placed

15 Feb 2023 08:15 CET

Oslo, 15 February 2023

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR
INDIRECTLY, IN OR INTO AUSTRALIA, CANADA, HONG KONG, JAPAN 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.

Reference is made to the stock exchange announcement published on 9 February
2023 by Ensurge Micropower ASA ("Ensurge" or the "Company") regarding a
contemplated private placement (the "Private Placement") of new shares in the
Company (the "Offer Shares"). Ensurge is pleased to announce that the Private
Placement has been successfully placed, through an allocation of Offer Shares at
a subscription price of NOK 0.10 per Offer Share, being the attained book
building price, for total gross proceeds of approximately NOK 50 million. The
net proceeds from the Private Placement will be used to fund the Company's
operations and development work going forward. The Private Placement is subject
to approval from an Extraordinary General Meeting in the Company, to be called
and held on or around 9 March 2023 (the "EGM").

As the current par value of the Company's share exceeds the proposed
subscription price in the Private Placement, the Private Placement is also
conditional upon the EGM approving a share capital reduction by reduction of the
par value per share so that such par value, prior to the resolution by the EGM
on the Private Placement, has been resolved to be equal to or lower than the
subscription price in the Private Placement.

Moreover, the Offer Shares will not be tradable on Oslo Børs until a listing
prospectus (the "Prospectus") has been approved by the Financial Supervisory
Authority of Norway (the "FSA") and will be issued on a separate ISIN until the
Prospectus has been approved and published.

Further, the Company has secured interim financing to bridge the Company to the
upcoming EGM.

Ensurge Micropower in brief
Ensurge is Energizing Innovation (TM) with ultrathin, flexible, and safe energy
storage solutions for wearable devices, connected sensors, and beyond. Ensurge's
innovative solid-state lithium battery (SSLB) technology is uniquely positioned
to enable the production of powerful, lightweight, and cost-effective
rechargeable batteries for diverse applications. The company's state-of-the-art
flexible electronics manufacturing facility, located in the heart of Silicon
Valley, combines patented process technology and materials innovation with the
scale of roll-to-roll production methods to bring the advantages of SSLB
technology to established and expanding markets. Ensurge Micropower ASA
("Ensurge") is a publicly listed company in Norway with corporate headquarters
in Oslo and global headquarters in San Jose, California.

For more information, please contact: Morten Opstad, Chairman
Email: MOP@raeder.no (mailto:MOP@raeder.no), +47 918 67 737

This information is considered to be inside information pursuant to the EU
Market Abuse Regulation (MAR) and is subject to the disclosure requirements
pursuant to MAR article 17 and section 5 -12 of the Norwegian Securities Trading
Act. This stock exchange release was published by Ståle Bjørnstad on 15 November
2022 at [08:15] CET.

Important information:

This announcement is not and does not form a part of any offer to sell, or a
solicitation of an offer to purchase, any securities of the Company. The
distribution of this announcement and other information may be restricted by law
in certain jurisdictions. Copies of this announcement are not being made and may
not be distributed or sent into any jurisdiction in which such distribution
would be unlawful or would require registration or other measures. Persons into
whose possession this announcement or such other information should come are
required to inform themselves about and to observe any such restrictions.

The securities referred to in this announcement have not been and will not be
registered under the U.S. Securities Act of 1933, as amended (the "Securities
Act"), and accordingly may not be offered or sold in the United States absent
registration or an applicable exemption from the registration requirements of
the Securities Act and in accordance with applicable U.S. state securities laws.
The Company does not intend to register any part of the offering or its
securities in the United States or to conduct a public offering of securities in
the United States. Any sale in the United States of the securities mentioned in
this announcement will be made solely to (a) "qualified institutional buyers" as
defined in Rule 144A under the Securities Act, (b) major U.S. institutional
investors under SEC Rule 15a-6 to the United States Exchange Act of 1934; and
(c) "accredited investors" as defined in Rule 501 of Regulation D under the
Securities Act.

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