Savosolar's rights issue oversubscribed and resolved to execute a directed issue

Savosolar PlcCompany Announcement                  13 July 2018 at 3:00 p.m. (CEST)NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN PART, DIRECTLY OR INDIRECTLY, IN THE USA, AUSTRALIA, CANADA, HONG KONG, JAPAN, NEW ZEALAND, SINGAPORE OR SOUTH AFRICA OR ANY OTHER JURSIDICTION WHERE SUCH...

London, 13/07/2018 (informazione.news - comunicati stampa - energia)

Savosolar Plc
Company Announcement                  13 July 2018 at 3:00 p.m. (CEST)

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN PART, DIRECTLY OR INDIRECTLY, IN THE USA, AUSTRALIA, CANADA, HONG KONG, JAPAN, NEW ZEALAND, SINGAPORE OR SOUTH AFRICA OR ANY OTHER JURSIDICTION WHERE SUCH PUBLICATION OR DISTRIBUTION IS UNLAWFUL.

The Board of Directors of Savosolar resolved on 13 July 2018 to approve the subscriptions received in the Offering, as well as the allocation of offered shares and warrants. For offer shares subscribed for in the Offering without subscription rights and for the related additional warrants, the acceptance is conditional to payment of the subscriptions of offer shares on 17 July 2018 at the latest. Allocation has been made in accordance with the principles described in the prospectus. Investors with the subscription rights were allocated 77 % and investors without the subscription rights 23 % of the offered shares. The number of shares in Savosolar will increase by 174,332,080 shares.

In connection to the resolving on approval of the subscriptions received in the Offering, the Board of Directors decided on a directed share issue. The directed share issue will increase the number of shares in Savosolar by 43,583,020 shares.

After the Offering and the directed share issue the total number of shares will amount to 348,664,162. The number of warrants subscribed for in the Offering and the directed issue amounts to 108,957,539.

Subscribers who did not receive all of the offer shares subscribed for without the subscription rights will be repaid the subscription price for the offer shares not received to the bank account informed by the subscriber in connection with the subscription approximately on 18 July 2018. No interest will accrue for the repayable funds.

Savosolar will in total receive approximately EUR 4.4 million in issue proceeds (before transaction costs associated with the Offering and the directed issue).

The shares subscribed for in the Offering and the directed issue are expected to be registered with the Finnish Trade Register approximately on 23 July 2018. Combination of the temporary shares with the Company's existing shares is expected to take place and trading in the new shares subscribed for in the Offering and directed issue is expected to commence approximately on 24 July 2018 on First North Finland and on 27 July 2018 on First North Sweden.

Due to the Offering the Board of Directors of the Company also decided to amend the terms of the Company's stock option plan 2-2017 in accordance with their terms and conditions. The new subscription price per share for stock option plan 2-2017 is EUR 0.03, and each stock option gives the right to subscribe for two shares.

Augment Partners AB is acting as financial advisor to the Company in the Offering. Smartius Oy is acting as the legal adviser to the Company on aspects of the Offering related to the Finnish law.

SAVOSOLAR PLC

Savosolar Plc
Managing Director Jari Varjotie
Phone: +358 400 419 734
E-mail: jari.varjotie@savosolar.com

This company announcement contains information that Savosolar Plc is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication by aforementioned contact person on 13 July 2018 at 3:00 p.m. (CEST).