Energy and environmental technology group inks agreement with GEM
By Devika Patel
Knoxville, Tenn., April 4 - Opcon AB said it arranged a SEK 250 million equity line of credit with GEM Investment Advisors, Inc. and GEM Global Yield Fund Ltd.
The company may draw up to SEK 250 million over three years, and the equity line of credit replaces the planned $40 million convertible loan negotiated with August Capital at the end of February.
Opcon has committed to using at least SEK 25 million of the equity line. The subscription price is set at 90% of the market price.
The investor also will receive 2.2 million warrants, which are exercisable at SEK 24 for five years. The strike price is a 32.6% premium to the April 3 closing price, SEK 18.10.
Based in Amal, Sweden, Opcon is an energy and environmental technology group that develops, produces and markets systems and products for eco-friendly, efficient and resource-effective use of energy.
| Issuer: | Opcon AB
|
| Issue: | Equity line of credit
|
| Amount: | SEK 250 million
|
| Tenor: | Three years
|
| Price: | 10% discount
|
| Warrants: | 2.2 million
|
| Warrant expiration: | Five years
|
| Warrant strike price: | SEK 24
|
| Investor: | GEM Investment Advisors, Inc. and GEM Global Yield Fund Ltd,
|
| Pricing date: | April 4
|
| Stock symbol: | Stockholm: OPCO
|
| Stock price: | SEK 17.00 at close April 4
|
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