Thin Film Electronics ASA Private placement successfully completed
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO AUSTRALIA, CANADA, HONG KONG, JAPAN OR THE UNITED STATES OR ANY OTHER JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL. THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER OF ANY OF THE SECURITIES DESCRIBED HEREIN.
Reference is made to the stock exchange notice from Thin Film Electronics ASA (the “Company” or “Thin Film” published on 1 March 2021 regarding a contemplated private placement of new shares in the Company (the “Private Placement”).
The Company is pleased to announce that the Private Placement has been successfully completed, raising gross proceeds of approximately NOK 57 million through the allocation of 68,922,869 new shares (the "Offer Shares") at a subscription price of NOK 0.82 per New Share (the "Subscription Price"). The Private Placement attracted strong interest from existing shareholders and new institutional investors, both in the Nordics and internationally, and was multiple times covered.
The net proceeds from the Private Placement will be used to fund the scale up of the production of the Company’s micro batteries and for general corporate purposes.
Completion of the Private Placement is subject to the Offer Shares having been validly issued (by registration of the share capital increase pertaining to the issuance of the Offer Shares in the Norwegian Register of Business Enterprises) and delivered in Euronext VPS. Following completion of the Private Placement, the Company's share capital will be NOK 122,116,721.43 divided into 1,110,152,013 shares, each with a par value of NOK 0.11.
Allocation and payment instructions will be communicated to investors on 2 March 2021. The Private Placement will be settled by the Managers on a delivery-versus-payment basis on or about 4 March 2021. Offer Shares allocated in the Private Placement will be settled with existing, unencumbered and already listed shares in the Company, pursuant to a share lending agreement entered into between the Managers, a certain existing shareholder and the Company. The Managers will settle the share loan with new shares issued by the Company, the listing of which will be subject to the publication of a listing prospectus.