Element

Reference is made to the announcements disclosed on 10 June 2018 and 22 February 2019 and the details provided therein.

Oslo, 7 Februar 2020 - Reference is made to previous stock exchange announcements in relation to; (i) issuance of 2,650,000 new shares issued as transaction consideration to Hope For More AS on 14 August 2019 (the "Consideration Shares"), (ii) issuance of a total of 1,937,500 new shares issued to Alpha Blue Ocean Inc. on 19 August 2019 and of 851,851 new shares issued to Alpha Blue Ocean Inc. on 11 October 2019 (the "Conversion Shares"), and (iii) issuance of 463,333 new shares to certain Norwegian investors on 14 October 2019 (the "Private Placement Shares").

(Oslo, Norway,20 December, 2019) Element ASA ("Element" or the "Company") has today entered into agreements for the divestment of its holdings (the "Transaction") in Ambershaw Metallics Inc. ("AMI"), i.e. the 7,890,727 shares in AMI (the "Shares"), corresponding to 26.7 % of the currently outstanding share capital of the AMI, and convertible debt, consisting of USD 4,850,000 in principal and, as of 19 December 2019, USD 509,715 in incurred interest (the "Convertible Bond"). The divestment is completed through a sale of the Shares and a partial repayment and refinancing of the Convertible Bond, which will provide the Company with USD 2 million in cash upon closing, and an additional USD 500.000 in cash by July next year.