Ensurge Micropower ASA - Approval of share capital increase by conversion of convertible loan

24 May 2024 12:20 CEST

Oslo, 24 May 2024

Reference is made to the Extraordinary General Meeting in the Company on 10
November 2023, which resolved to extend the maturity date and amend the
conversion terms of certain convertible loans representing a total principal
amount of NOK 7 million, whereby the convertible loans, plus accrued interest,
would be convertible into shares prior to the maturity date on 10 November 2024
at a conversion price of NOK 0.5250 per share.

The lender of a total of NOK 6 million of the convertible loans has provided its
notification of conversion to the Company and requested that its convertible
loan, plus accrued interest, is converted into shares in the Company.

The Board therefore resolved on 24 May 2024 to approve the conversion of NOK
6,000,000 of the convertible loans, plus accrued interest, and the resulting
issuance of a total of 12,439,921 new shares in the Company. The new shares will
not be listed on Oslo Børs until a listing prospectus is published.

Upon registration of the share capital increase associated with the conversion
of the convertible loan in the Norwegian Register of Business Enterprises, the
Company's share capital will be NOK 308,951,604.50 divided into 617,903,209
shares, each having a par value of NOK 0.50.

For more information, please contact: Lars Eikeland, Chief Executive Officer E-
mail: lars.eikeland@ensurge.com (mailto:lars.eikeland@ensurge.com)

This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.

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