By Lisa Kerner
Charlotte, N.C., Nov. 17 – Savo-Solar Ltd. said it plans to sell up to 10,591,620 of its new class A shares at €0.40 or SEK 3.73 per share to raise about €4.2 million following a board resolution on Nov. 20.
The offer shares would constitute up to 66.67% of all shares in the company, if the offering is fully subscribed, according to a news release.
Savo-Solar is planning to give all its shareholders registered in its shareholder register maintained by Euroclear Finland Ltd. or Euroclear Sweden AB two book-entry subscription rights per each share held. Each subscription right entitles the holder to subscribe for one offer share.
The record date for the offering is expected to be Nov. 24, and the subscription period is expected to begin on Nov. 27 and end on Dec. 15 in Finland and on Dec. 11 in Sweden.
In addition, the company plans to offer each subscriber one warrant free of charge for every four offer shares subscribed and paid for in the offering.
Each warrant would entitle its holder to subscribe for one new class A share for a subscription price of €1.00 per share during the subscription period of Oct. 5 to Oct. 21, 2016.
The maximum number of warrants would be 2,647,905 if the offering was fully subscribed
Net proceeds from the offering are expected to be used to secure working capital needs in order to deliver the signed and upcoming orders in 2015 and 2016 and on capacity-increasing investments to improve production efficiency and promote further product development.
Results should be announced on Dec. 17.
Savo-Solar said it intends to apply for the listing of the warrants on First North Sweden and First North Finland. If the listing of the warrants occurs, the company expects trading to begin during the first week of 2016.
Mangold Fondkommission AB is acting as financial adviser to the company.
Savo-Solar manufactures solar thermal collectors and provides solutions for large district heating plants. The company is based in Mikkeli, Finland.
| Issuer: | Savo-Solar Ltd.
|
| Issue: | Class A shares
|
| Amount: | €4.2 million
|
| Shares: | 10,591,620
|
| Price: | €0.40 or SEK 3.73 per share
|
| Subscription period: | Nov. 27 to Dec. 15 (Finland); Nov. 27 to Dec. 11 (Sweden)
|
| Warrants: | 2,647,905 shares
|
| Settlement: | Dec. 17
|
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