Energia
Savosolar's rights issue fully subscribed
Savosolar Plc
Company Announcement 22 March 2019 at 7:00 p.m. (CET)
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 JURISDICTION WHERE SUCH PUBLICATION OR DISTRIBUTION IS UNLAWFUL.
The Board of Directors of Savosolar resolved on 21 March 2019 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 27 March 2019 at the latest. Allocation has been made in accordance with the principles described in the prospectus. Investors with the subscription rights were allocated 52.1 % and investors without the subscription rights 47.9 % of the offered shares. As a result of the Offering and the directed share issue to the Board members, the number of shares in Savosolar will increase by 1,058,380,748 shares.
The shares subscribed for in the Offering and the directed issue are expected to be registered with the Finnish Trade Register approximately on 2 April 2019. 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 3 April 2019 on First North Finland and on 10 April 2019 on First North Sweden.
The Board of Directors of Savosolar has resolved on a directed share issue to be used as a part of the Board members' remuneration in accordance with the resolution by the Annual General Meeting on 27 March 2018. The Company issues a total of 765,506 new shares, which were offered for subscription to the members of the Board of Directors without consideration. The Chairman of the Board subscribed for 408,269 new shares and other the Board members 119,079 new shares each. When calculating the number of shares the volume weighted average price of the Company's share on First North Sweden during November 2018, i.e. SEK 0.1089, has been used.
After the Offering and the directed share issue the total number of shares will amount to 1,410,919. The number of warrants subscribed for in connection with the Offering amounts to 352,538,326.
Savosolar will in total receive approximately EUR 4.3 million in issue proceeds (after deduction of transaction costs associated with the Offering).
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 0.01, and each stock option gives the right to subscribe for five (5) shares.
Mangold Fondkommission 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
Savosolar Plc discloses the information provided herein pursuant to the Market Abuse Regulation ((EU) No 596/2014, "MAR"). The information was submitted for publication by the aforementioned person on 22 March 2019 at 7:00 p.m. (CET).
www.savosolar.com
, info@augment.se,
2321 Rosecrans Avenue. Suite 2200
90245 El Segundo Stati Uniti