Atlantic Sapphire: Disclosure of holdings

07 Oct 2024 15:52 CEST

Reference is made to previous stock exchange notices published by Atlantic
Sapphire ASA (trading symbol "ASA") (the "Company") regarding the Company's
rights offering (the "Rights Offering").

Condire Management, LP has today, 7 October 2024, been allocated 982,649,748 new
shares in the Rights Offering. Upon issuance of these shares, Condire
Management, LP will hold 997,029,489 shares in the Company, representing 15.27%
of the outstanding shares and voting rights in the Company at completion of the
Rights Offering. Condire Management, LP. has consequently crossed above the 15%
reportable threshold of the outstanding shares and voting rights in the Company.

The aforementioned shares and votes are held by Condire Management, LP in
capacity of fund manager of the following funds: Condire Resource Master
Partnership, LP and Condire Alpha Partners, LP. Condire Management, LP has no
rights to further shares or votes relating to shares outstanding in the Company.


The information above is subject to the disclosure requirements in section 4-2
of the Norwegian Securities Trading Act.

Further, Condire Management, LP have, in connection with the Rights Offering,
been allocated and will at completion of the Rights Offering hold 2,362,949,874
warrants, each warrant giving the holder the right to subscribe one new share
(subject to applicable anti-dilution adjustments) in the Company. In accordance
with article 5 of the articles of association of the Company, Condire
Management, LP hereby discloses that these warrants represent 16.86% of the
Company's share capital as if all 7,486,500,058 outstanding warrants issued by
the Company are exercised (and 36.19% of the Company's registered share capital
excluding any shares issued for outstanding warrants and other dilutive
instruments).

In addition, Condire Management, LP have, in connection with the Rights
Offering, provided the Company with a convertible loan in the amount of NOK
213,900,000 (amount based on the final allocation in the Rights Offering)
convertible into new shares in the Company at an exercise price of NOK 0.13 per
new share (subject to the anti-dilution and other adjustment provisions
applicable for the convertible loan). Condire Management, LP further discloses
that under the convertible loan, Condire Management, LP is not permitted to
exercise conversion rights if and to the extent that such exercise would result
in Condire Management, LP owning more than 19.99% of the issued share capital of
the Company.

More information:
Access the news on Oslo Bors NewsWeb site