Valoe repaying €500,000 loan from Winance with convertibles issuance

By Rebecca Melvin

New York, May 8 – Valoe Corp. is repaying €500,000 principal amount of a short-term loan from Winance by issuing to Winance 500 convertible notes and 2 million warrants, according to a Valoe news release on Friday.

Valoe is also paying €42,000 interest on the loan by issuing 42 convertible notes.

The loan was disclosed on Feb. 6. The convertibles issuance represents a fourth tranche under the terms and conditions of a Dec. 20, 2018 financing arrangement between Valoe and Winance.

Valoe’s board of directors is also approving a Winance request to convert a portion of €100,000 of convertible notes into shares at a conversion price of €0.04 per share. The conversion shall be executed by transferring a total of 2.5 million treasury shares to Winance, after which the company will have a total of 3,430,616 treasury shares.

In addition, the board is withdrawing €250,000 of the first convertible notes tranche and issuing to Winance in total 250 convertible notes and in total 1 million warrants under the terms of a financing arrangement announced on April 22.

Based in Mikkeli, Finland, Valoe specializes in photovoltaic technology and clean energy.

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