Atlantic Sapphire secures $35m convertible loan to fund phase 1 operations

Atlantic Sapphire ASA has successfully placed a $35 million convertible loan, with conditional allocations now resolved by the board of directors. This funding, combined with amendments to its credit facility with DNB Bank ASA, is projected to cover capital expenditure and operations until phase 1 reaches EBITDA break-even, including a contingency.

Key terms for the convertible loan were previously detailed in stock exchange notices on August 31, 2025, and an extraordinary general meeting (EGM) notice on September 9, 2025. Completion is contingent on EGM approval and other customary conditions.

Notably, primary insiders and their close associates participated significantly, including Nordlaks Holding AS and Condire Management LP each allocating $11,400,000, and Strawberry Capital AS with $3,400,000. Chief executive Pedro Courard and deputy chief executive and chief financial officer Gunnar Aasbø Skinderhaug each allocated $50,000. The board acknowledged potential dilution for non-participating shareholders but deemed the convertible loan the most viable financing option under current market conditions.