REC Silicon - Private placement successfully completed

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Fornebu, Norway - April 9, 2019: Reference is made to the stock exchange release from REC Silicon ASA ("REC" or the "Company") published on April 9, 2019 regarding a contemplated private placement. The Company is pleased to announce that it has raised approximately NOK 170 million in gross proceeds through a private placement (the "Private Placement") of 254,381,870 offer shares (the "Offer Shares"), at a price per share of NOK 0.67 (the "Subscription Price"). The Private Placement took place, and the Subscription Price has been set, through an accelerated bookbuilding process managed by Sparebank 1 Markets as sole manager after close of markets on April 9, 2019. The Private Placement was substantially oversubscribed.

The net proceeds from the Private Placement will be used to strengthen and contain the Company's liquidity situation until access to the Chinese polysilicon market is restored. Specifically, the proceeds will be used for (i) non-recurring restructuring costs of USD 3.7 million to curtail and shut down Moses Lake FBR production, unless access to the Chinese market is restored, (ii) settle the remaining payments to the Yulin JV of USD 3.1 million and USD 5.2 million and (iii) for general corporate purposes.

The Offer Shares will be settled with existing and unencumbered shares in the Company that are already listed on the Oslo Stock Exchange, pursuant to an agreement between SpareBank 1 Markets AS, the Company and Umoe AS. The shares delivered to the subscribers will thus be tradable upon delivery, expected May 10, 2019.

Subject to approval by the Company's AGM, Umoe AS has undertaken to use the full proceeds received from the settlement of the Private Placement to acquire new A-shares in the Company. All of the new A-shares will be converted into ordinary shares as soon as practically possible, expected within eight (8) weeks from the settlement date.

Completion of the Private Placement is subject to approval by the annual general meeting ("AGM") of the Private Placement, the issue of the new A-shares and a share capital reduction.

The board of directors of the Company has resolved to propose that the AGM resolves to authorize the board to carry out a subsequent offering of up to 50,000,000 new shares towards the Company's shareholders as of April 9, 2019 (as documented by the shareholder register in the Norwegian Central Securities Depository (VPS) as of the end of April 11, 2019) who were not allocated shares in the Private Placement or participated in the pre-sounding and who are not resident in a jurisdiction where such offering would be unlawful or, for jurisdictions other than Norway, would require any prospectus, filing, registration or similar action. Such shareholders will be granted non-transferable preferential rights to subscribe for, and, upon subscription, be allocated new shares. The subscription price in such subsequent offering will be the same as the subscription price in the Private Placement.