Savosolar's rights issue oversubscribed and resolved to execute a directed issue

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Savosolar Plc
Company Announcement                  13 July 2018 at 3:00 p.m. (CEST)

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Savosolar's rights issue oversubscribed and resolved to execute a directed issue

Savosolar Plc ("Savosolar" or the "Company") has carried out a rights issue of approximately EUR 3.5 million (the "Offering"), which was oversubscribed, and has decided on a directed share issue of approximately EUR 0.9 million as well as resolved to amend the terms and conditions of the Company's stock option plan 2-2017.

  • Savosolar's rights issue of approximately EUR 3.5 million has been subscribed to 126 %.
  • 77 % of the Offering will be allocated to subscribers who have subscribed for shares with the subscription rights and 23 % to those who have subscribed for the shares without the subscription rights.
  • The Board of Directors of Savosolar has decided on a directed issue of approximately EUR 0.9 million. 

The Board of Directors of Savosolar resolved on 13 July 2018 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 17 July 2018 at the latest. Allocation has been made in accordance with the principles described in the prospectus. Investors with the subscription rights were allocated 77 % and investors without the subscription rights 23 % of the offered shares. The number of shares in Savosolar will increase by 174,332,080 shares.

In connection to the resolving on approval of the subscriptions received in the Offering, the Board of Directors decided on a directed share issue. The directed share issue will increase the number of shares in Savosolar by 43,583,020 shares.

After the Offering and the directed share issue the total number of shares will amount to 348,664,162. The number of warrants subscribed for in the Offering and the directed issue amounts to 108,957,539.

Subscribers who did not receive all of the offer shares subscribed for without the subscription rights will be repaid the subscription price for the offer shares not received to the bank account informed by the subscriber in connection with the subscription approximately on 18 July 2018. No interest will accrue for the repayable funds.

Savosolar will in total receive approximately EUR 4.4 million in issue proceeds (before transaction costs associated with the Offering and the directed issue).

The shares subscribed for in the Offering and the directed issue are expected to be registered with the Finnish Trade Register approximately on 23 July 2018. 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 24 July 2018 on First North Finland and on 27 July 2018 on First North Sweden.

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 0.03, and each stock option gives the right to subscribe for two shares.

Advisers

Augment Partners 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

For more information:

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 13 July 2018 at 3:00 p.m. (CEST).


Savosolar in brief

Savosolar with its highly efficient collectors and large-scale solar thermal systems has taken solar thermal technology to the next level. The company's collectors are equipped with the patented nano-coated direct flow absorbers, and with this leading technology, Savosolar helps its customers to produce competitive clean energy. Savosolar's vision is to be the first-choice supplier to high performance solar installations on a global scale. Focus is on large-scale applications like district heating, industrial process heating and real estate systems - market segments with a big potential for rapid growth. The company primarily delivers complete systems from design to installation, using the best local partners. Savosolar is known as the most innovative company in the business, and aims to stay as such. The company has sold and delivered its products to 18 countries on four continents. Savosolar's shares are listed on Nasdaq First North Sweden with the ticker SAVOS and on Nasdaq First North Finland with the ticker SAVOH. www.savosolar.com.

The company's Certified Adviser is Augment Partners AB, phone: +46 8-505 65 172.

IMPORTANT NOTICE

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.