Saga Pure ASA - Contemplated Equity Offering of Up to Nok 54 Million

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART DIRECTLY OR INDIRECTLY, IN OR INTO AUSTRALIA, CANADA, JAPAN, HONG KONG, THE UNITED STATES OR ANY OTHER JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL. THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER TO BUY, SELL OR SUBSCRIBE FOR ANY SECURITIES DESCRIBED HEREIN.

Oslo, 30 November 2020

Saga Pure ASA ("SAGA" or the "Company") (OSE: "SAGA") is contemplating an equity offering to raise up to NOK 54 million through issuance of new shares (the "Offer Shares"), each share at a fixed subscription price of NOK 1.60 (the "Subscription Price") (the "Equity Offering"). The proceeds will increase the Company’s investment capacity in the green investment universe. Fearnley Securities AS has been retained as Lead Manager and Bookrunner (the "Manager") for the Equity Offering.

The Equity Offering will comprise up to 34 million Offer Shares which will be issued under the Board of Directors' existing authorization to increase the share capital. The Company' largest shareholder Øystein Stray Spetalen (through controlled company Tycoon Industrier AS) has pre-committed to subscribe for Offer Shares in the amount of approximately NOK 10 million, and will be given full allocation for this amount. The net proceeds from the Equity Offering will be used to strengthen the Company's working capital and for general corporate purposes. The application period opens today, on 30 November 2020, at 18:30 CEST and ends at 08:00 CEST on 1 December 2020. The Company may, in its own discretion, extend or shorten the application period at any time and for any reason. The minimum application and allocation amount in the Equity Offering has been set at the NOK quivalent of EUR 100,000. The Company may, at its sole discretion, allocate an amount below EUR 100,000 to the extent applicable exemptions from relevant prospectus and registration requirements are available. Allocation of the Offer Shares will be determined at the end of the application period, and final allocation will be made by the Board at its sole discretion, with preference for existing shareholders. Notification of the allocation is expected to be sent by the Manager on or about 1 December 2020. Settlement of the Equity Offering is expected on or about 3 December 2020 on the basis of existing and already listed shares under a borrowing arrangement with Øystein Stray Spetalen.