Completion of SPA with Infinity Capital Group

15 November 2019

ADAMAS FINANCE ASIA LIMITED

(the "Company" or "ADAM")

Completion of the share sale and purchase agreement with Infinity Capital Group Limited

Further to its announcement on 21 October 2019, Adamas Finance Asia Limited (AIM: ADAM), the London quoted company focused on providing shareholders with attractive uncorrelated, risk adjusted returns from a diversified portfolio of pan-Asian investments, is pleased to announce that all conditions precedent in relation to the proposed equity investment in Infinity TNP have been fulfilled and the share sale and purchase agreement ("SPA") has now completed.

As agreed in the SPA, the Company today issued Infinity Capital Group Limited, parent of Infinity TNP, 16,179,310 new ordinary shares in the Company at a price of 34.8p per ordinary share (the "Consideration Share Price"). The Consideration Share Price represents a premium of 20% to the 30-day weighted average price per share in ADAM immediately prior to the execution of the SPA.

Application has been made for the new ordinary shares issued to be admitted to trading on AIM ("Admission") and it is expected that Admission will become effective on 20 November 2019.

Following Admission, the Company's enlarged issued share capital will comprise 104,912,379 ordinary shares. The Company holds 916,804 shares in treasury. The total voting rights in the Company are 103,995,575 ordinary shares. This figure may be used by Shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the Company under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules.

For further information, please visit the Company's website at http://adamasfinance.com and follow the Company on Twitter (@AdamasFinance).

FOR FURTHER INFORMATION, PLEASE CONTACT:

The information contained within this announcement is deemed by the Company to constitute inside information under the Market Abuse Regulation (EU) No. 596/2014

About Adamas Finance Asia

Adamas Finance Asia Limited (ADAM) is quoted on the AIM Market of the London Stock Exchange and is committed to providing shareholders with attractive uncorrelated, risk adjusted long-term returns from a combination of realising sustainable capital growth and delivering dividend income.

The Company is focused on providing growth capital and financing to emerging and established Small and Medium Enterprises (SME) sector throughout Asia, well diversified by national geographies, instruments and asset classes. This vital segment of the economy is underserved by the traditional banking industry for regulatory and structural reasons.

The Company's investment manager, Harmony Capital, seeks to capitalise on its team's established investment expertise and broad networks across Asia. Through rigorous diligence and disciplined risk management, Harmony Capital is dedicated to delivering attractive income and capital growth for shareholders with significant downside protection through selectively investing in assets and proactively managing them.

Harmony Capital is predominately sourcing private opportunities and continues to create a strong pipeline of attractive income generating assets from potential investments in growth sectors across Asia, including healthcare, fintech, hospitality, IT and property.