Atlantic Sapphire succesfully raises $121 million, no discount to price, in private placement

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Acceleration of the “Grand Master Plan”.

On Thursday, it was reported that Atlantic Sapphire announced that it was raising millions in new equity.

In a financial update on Friday, the company writes that the private placement has been successfully completed.

USD 121 million, with no discount to price, has been raised in gross proceeds through a private placement of 10,300,000 new shares, at a price per share of NOK 98.60, equal to the closing price on the Oslo Stock Exchange.

The private placement, which was oversubscribed, took place through an accelerated bookbuilding process managed by Arctic Securities, BofA Securities, and DNB Markets, a part of DNB Bank, as joint global coordinators and joint bookrunners after close of markets on the 3rd June.

The net proceeds will be used to partly finance Phase 2 construction anticipated to commence in Q2 2021.

Also funded will be the acceleration of further expansion (“Grand Master Plan”) as well as long lead investments, the construction of centralized infrastructure (such as power and chiller plant that will benefit subsequent buildouts) and general corporate purposes.

The new shares to be issued in connection with the private placement will be issued based on a board authorization granted by the company’s annual general meeting held on 12 May.

The following primary insiders subscribed for and have been allocated shares in the private placement at a subscription price of NOK 98.60 per share. This includes André Skarbø, who through AS Invest, was allocated 50,709 shares. Tone Bjørnov was allocated 2,000 shares.