112 0 Kommentare Savosolar publishes prospectus for EUR 4.3 million rights issue

Savosolar Plc
Company Announcement, Insider information 25 May 2020 at 11.15 a.m. (CEST)

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Savosolar publishes prospectus for EUR 4.3 million rights issue

Following the company announcement on 17 April 2020, the Board of Directors of Savosolar Plc (“Savosolar” or the “Company”) has today decided to arrange a rights issue totalling approximately EUR 4.3 million (the “Offering”) with additional warrants enabling the Company to additionally raise a maximum of approximately 13.0 MEUR (the “Warrants”). The Finnish Financial Supervisory Authority has today approved Savosolar’s Finnish language prospectus.

Approximately EUR 4.3 million before transaction costs is expected to be raised in the Offering if fully subscribed. In case maximum number of Warrants is issued and all the Warrants are used for subscription of shares, the contribution from Warrants will amount to EUR 13.0 million at most.
The Company is offering up to of 28,999,557 new shares in the Company for subscription primarily in accordance with the shareholders’ preferential subscription right.
The Offering is secured to 80 per cent by subscription commitments and external underwriters. All members of the Company’s Board of Directors and the Company’s CEO and CFO have entered into subscription commitments in the Offering.
Savosolar will give all its shareholders registered in Savosolar's shareholder register maintained by Euroclear Finland Ltd ("Euroclear Finland") or Euroclear Sweden AB ("Euroclear Sweden") one (1) book-entry subscription right (the "Subscription Right") for every one (1) share held on the offering record date. Two (2) Subscription Rights entitles the holder to subscribe for three (3) offer shares (“Offer Shares”).
In addition, Savosolar will offer each subscriber of the Offer Shares one (1) newly issued warrant of series TO5, one (1) newly issued warrant of series TO6 and one (1) newly issued warrant of series TO7 for each two (2) shares subscribed and paid for in the Offering.
The record date for the Offering is 27 May 2020 with the last day of trading including the Subscription Rights on 25 May 2020 and the first day of trading excluding the Subscription Rights on 26 May 2020.
The subscription price is 0.15 EUR or 1.58 SEK per offer share.
Each warrant entitles its holder to subscribe for one (1) new share during the subscription period 9 – 20 November 2020 (for TO5), 8 – 19 March 2021 (for TO6) and 6 – 17 September 2021 (for TO7) respectively, with a subscription price that will be decided based on the volume weighted average price of the Company’s shares in First North Growth Market Finland for ten (10) trading days prior to the warrant’s subscription period with a 30 % discount, at a maximum subscription price of EUR 0.30 per share.