Further to the announcement by Thin Film Electronics ASA ("Thinfilm") on 28 September 2010, the Board of Thinfilm has resolved a private placement for a total of between 10,000,000 and 23,314,000 new shares in the Company with a par value of NOK 0.11 per share. The resolution has been made pursuant to the existing board authorization to issue shares, as resolved by the 2010 annual general meeting.
The subscription price per share shall be NOK 0.80. The invitation to participation in the private placement shall not be directed to more than 99 investors and no investor may take less than a lot of 300,000 shares (provided, however, that this minimum requirement shall not apply to employees and/or members of the Board of Directors in Thinfilm, who wish to participate in the Placement). The Company will not be issuing a prospectus in connection with the private placement.
For each share subscribed for and allocated in the private placement, the Board has resolved to propose to the Company's general meeting of shareholders that two warrants are issued to the subscriber. Each warrant would entitle the holder to demand the issuance of one ordinary share in Thinfilm on the following terms and conditions. The first warrant ("Warrant A") would be exercisable in the period 3 to 14 October 2011 at an exercise price per share of NOK 0.90. The second warrant ("Warrant B") would be exercisable in the period 1 to 12 October 2012 at an exercise price per share of NOK 1.00; provided, however, that Warrant B may only be exercised in case the associated Warrant A has been timely exercised. The Board will propose to the General Meeting that the Board is given the right (exercisable at its sole discretion), but not the obligation, to allow an early exercise of Warrant B simultaneous with the exercise of Warrant A on terms and conditions to be resolved by the General Meeting. Again, for the avoidance of doubt, the issuance of warrants is subject to a resolution by the general meeting in Thinfilm, which general meeting will be called at a date to be determined.
The deadline for the subscription for shares in the private placement is Friday 1 October 2010, at 18 hrs Oslo time, following which time the Board will make an allocation of shares. The results of the private placement will thereafter be duly announced in the Oslo Axess disclosure system.
30 September 2010
Thin Film Electronics ASA
For further information, please contact:
Geir Harald Aase, VP of Communications and IR, +47 480 37 571, geir.aase (at) thinfilm.no
This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)