Private Placement in Ensurge Micropower ASA successfully placed, with substantial oversubscription

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 announcement published earlier today on 13 May 2024 by Ensurge Micropower ASA ("Ensurge" or the "Company") regarding a contemplated private placement (the "Private Placement") of new shares in the Company (the "Offer Shares"), where Skandinaviska Enskilda Banken AB (publ) has acted as financial advisor and bookrunner (the "Manager").

Ensurge is pleased to announce that the Private Placement has been successfully placed through an allocation of 54,775,545 Offer Shares at a subscription price of NOK 1.55 per Offer Share (the "Subscription Price") for total gross proceeds of NOK 84,902,095. The final number of Offer Shares and the Subscription Price was determined by the board of directors of the Company (the "Board") following an accelerated bookbuilding process. The private placement was three times oversubscribed.

The net proceeds from the Private Placement will be used fund the Company’s operations, with focus on Go-To-Market activities and production ramp up. Over the next 6-9 months Ensurge expects significant funding from customers and technology partners to complement this equity funding.

The share issue and associated share capital increase in the Private Placement has been resolved by the Board pursuant to an authorization to issue new shares granted by the extraordinary general meeting of the Company on 19 March 2024 (the “Authorization”). Following completion of the Private Placement, the Company’s share capital will be NOK 302,731,644 divided into 605,463,288 shares, each with a par value of NOK 0.50. 

Completion of the Private Placement is subject to (i) all necessary corporate resolutions for consummating the Private Placement being validly made by the Company, including without limitation relevant approvals and resolutions by the Board and the Company's general meeting, as applicable, and (ii) 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 ("NRBE")) and delivered in the VPS.