Savosolar announces plan to arrange rights issue of appr MEUR 3.5 and financial information for 1.1- 31.3.2018

Savosolar PlcCompany Announcement            21 May 2018 at 9:00 (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 JURISDICTION WHERE SUCH PUBLICATION OR...

London, 21/05/2018 (informazione.news - comunicati stampa - energia)

Savosolar Plc
Company Announcement            21 May 2018 at 9:00 (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 JURISDICTION WHERE SUCH PUBLICATION OR DISTRIBUTION IS UNLAWFUL.

Until recently, Denmark was the only active market in the segment for large solar collector fields and systems. Even though market analysts predicted that new markets both in Europe and elsewhere would be activating earlier, it was not until 2017 that Savosolar started seeing real activity in other markets. With Savosolar's award-winning products and due to the intensified sales actions in the past 18 months, the Company has been invited to almost all notable tenders in Europe, signing its first large-scale order outside Denmark and winning its largest tender ever during the spring 2018. The order, with a collector area exceeding 4,000 m to newHeat SAS will be the largest solar thermal field ever built in France and first in the world installed on a one-axis tracking system. The tender won by the Company in Denmark, with a total collector area of approximately 20,000 m to Grenaa Varmevaerk, is worth approximately EUR 3.0 million  and would be the Company's largest order to date.

This means, that after many years of proving its technology to the market and signing orders on the competitive Danish market, Savosolar has finally been able to take a leap forward towards its vision of becoming the global first-choice supplier to high performance solar installations. While delivering to large collector fields in Europe as well as with strong partnerships around the world, e.g. in China, Latin America, Australia and Africa, the Company believes it is ready to take on the global market.

Due to the temporary downturn because of the Danish government's delayed decisions of the terms concerning renewable energies and longer-than-expected processing times in other markets since the end of 2016, the Company is in need for more working capital.

The Company aims to raise approximately EUR 3.5 million through the Offering and may raise additionally approximately EUR 0.9 million through the Directed Issue if the Directed Issue is arranged and fully subscribed. The Warrants would enable the Company to raise additionally up to approximately EUR 3.3 million if the maximum number of Warrants is issued and if all the Warrants are used for subscription of new shares at the maximum subscription price of EUR 0.03 per share.

The proceeds from the Offering will be used for working capital so that the Company can deliver signed and upcoming orders in 2018-2019 and continue to streamline Savosolar's operations to match profitability targets and the increasing demand globally.

INCOME STATEMENT

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EQUITY AND LIABILITIES

The size of the contemplated Offering will be approximately EUR 3.5 million. The Offering has been secured to 80 per cent.

The Board of Directors of the Company is planning to offer up to 174,332,085 new shares in the Company for subscription in accordance with the shareholders' preferential subscription right, under the condition that the Extraordinary General Meeting to be summoned today gives authorization to the Board of Directors to resolve on the Offering and the issuance of Warrants. All shareholders registered in Savosolar's shareholder register maintained by Euroclear Finland or Euroclear Sweden are planned to be given one (1) book-entry Subscription Right for every one (1) share held in the Company on the Offering record date, which is approximately 18 June 2018. Each three (3) Subscription Rights would entitle their holder to subscribe for four (4) Offer Shares. The Subscription Rights are planned to be registered in the shareholders' book-entry accounts in the book-entry system maintained by Euroclear Finland approximately on 19 June 2018 and in the book-entry system maintained by Euroclear Sweden approximately on 20 June 2018. The Subscription Rights are planned to be freely assigned and they are expected to be traded on First North Finland and First North Sweden between 21 June and 4 July 2018.

After the subscription, temporary shares corresponding to the Offer Shares subscribed for based on the Subscription Rights (the "Temporary Shares") will be entered into the subscriber's book-entry account. The Offer Shares will be entered into the subscriber's book-entry account once they have been entered into the Trade Register, approximately during week 30, 2018. Trading in the Temporary Shares is planned to commence on First North Finland and on First North Sweden as their own special share class approximately on 21 June 2018. The Temporary Shares will be combined with the Company's current shares after the Offer Shares have been registered into the Trade Register. The combination is planned to take place approximately during week 30, 2018 and the Offer Shares are planned to be subject to trading together with the Company's existing shares on First North Finland approximately during week 30, 2018 and on First North Sweden approximately during week 31, 2018.

Augment Partners 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
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 21 May 2018 at 9:00 a.m. (CEST).

www.savosolar.com

This release or the information contained therein shall not be distributed, directly or indirectly, in Australia, Canada, Hong Kong, Japan, New Zealand, Singapore, South Africa or the United States. The information contained in this release do not constitute an offer of, or invitation to purchase any securities in any area, where offering, procurement of or selling such securities would be unlawful prior to registration or exemption from registration or any other approval required by the securities regulation in such area. This release is not an offer for sale of securities in the United States. Securities may not be offered or sold in the United States absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended, and the rules and regulations issued by virtue of it. Savosolar has not registered, and does not intend to register, any offering of securities in the United States. No actions have been taken to register the shares or the offering anywhere else than in Finland and Sweden.

The information contained herein shall not constitute an offer of, or invitation to purchase any securities in any jurisdiction. This release is not a prospectus and does not constitute any offer, invitation or investment advice to subscribe for or purchase securities. Investors should not subscribe for or purchase any securities or make any investment decisions referred to herein except on the basis of information contained in a prospectus issued by Savosolar.