Atlantic Sapphire ASA - Bridge Loan secured and update on the Potential Refinancing

28 Mar 2026 17:48 CET

Miami, Florida, 28 March 2026

Reference is made to the stock exchange notice released by Atlantic Sapphire ASA
(“Atlantic Sapphire” or the “Company”) on 27 March 2026 regarding the
contemplated bridge loan from certain of the Company’s investors (the “Investor
Group”) and the status of the ongoing refinancing discussions.

Bridge Loan
The Company hereby announces that it has entered into a bridge loan agreement
for an aggregate amount of up to USD 10 million (the “Bridge Loan”).

The Bridge Loan is provided on the terms previously described, with key terms as
follows:
- Amount: Up to USD 10,000,000, payable in two tranches of USD 5,000,000 each;
- Interest: 12% per annum;
- Origination fee: 15% of principal;
- Maturity: 15 May 2026, subject to extension if the parties reach agreement on
the Potential Refinancing (defined below); and
- Ranking: The Bridge Loan will rank senior to the Company’s existing
convertible loan.

It is the opinion of the Board of Directors that the Bridge Loan secures the
near-term operations of the Company in a satisfactory manner.

Potential Refinancing
The Company also wishes to provide an update on the broader refinancing
discussions with the Investor Group, which represents approximately 63% of the
Company's shares and approximately 93% of the outstanding convertible loan (the
“Potential Refinancing”). As part of these discussions, the Investor Group has
indicated that it as part of an overall agreement on the Potential Refinancing
may launch a voluntary tender offer for all outstanding shares in the Company
not already owned or controlled by the Investor Group. On this basis, the
Company has entered into a non-binding term sheet with the Investor Group, where
the offer price indicated has increased from NOK 0.50 to NOK 0.80 per share.

Any such offer would be structured to satisfy the requirements of a mandatory
offer under the Norwegian Securities Trading Act, without any acceptance level
condition and forms part of a broader potential refinancing of the Company.

The launch of the potential mandatory offer and the terms of the Potential
Refinancing remain subject to ongoing discussions, and no binding agreement has
been concluded. The Company will provide further updates as appropriate.

For further information, please contact:
Gunnar Aasbø-Skinderhaug, Deputy CEO/ CFO,
gunnar@atlanticsapphire.com,
investorrelations@atlanticsapphire.com

About Atlantic Sapphire ASA
Atlantic Sapphire is pioneering Bluehouse® (land-raised) salmon farming,
locally, and transforming protein production, globally. Atlantic Sapphire
operated its innovation center in Denmark from 2011 until 2021 with a strong
focus on R&D and innovation to equip the Company with the technology and
procedures that enable the Company to commercially scale up production in end
markets close to the consumer. In the US, the Company holds the requisite
permits and patents to construct its Bluehouse® in an ideal location in
Homestead, Florida, just south of Miami. The Company's Phase 1 facility is in
operation, which provides the capacity to harvest up to approximately
7,500-8,500 tons (HOG) of salmon annually. The Company completed its first
commercial harvest in the US in September 2020. Atlantic Sapphire’s Phase 2
expansion, will bring total annual production capacity to 25,000 tons and the
Company has a long-term targeted harvest volume of >100,000 tons.

This information is subject to the disclosure requirements pursuant to the
Market Abuse Regulation and the Norwegian Securities Trading Act section 5-12.
This stock exchange release was published by Gunnar Aasbø-Skinderhaug, at the
time and date set out above.

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