Subject to approval from an extraordinary general meeting in the Company (the "EGM"), the shares in the Private Placement and debt conversion will be subscribed at a proposed new nominal value of the Company's shares of NOK 0.05, resulting in issuance of 171,000,000 new shares in the Company at a new nominal value of NOK 0.05.

Completion of a share capital decrease by decrease of the nominal value of the Company's shares and the Private Placement will be proposed to the EGM as soon as practically possible, estimated to be held on or about the end of August 2019 or early September 2019. Subject to approval by the EGM, the Company's share capital after the share capital decrease and the Private Placement (including the debt conversion), will be NOK 14,329,376.00 divided on 286,587,520 shares, each with a nominal value of NOK 0.05. The aforementioned figures take into consideration the resolved, but not registered, issuance of 19 shares at the Company's annual general meeting on 28 June 2019, but not the resolved board authorization to carry out a 20:1 reverse share split resolved at the same general meeting.  

At the EGM, the board of directors will also propose a subsequent offering at a subscription price per share equal to the subscription price in the Private Placement.

Following and subject to completion of the Private Placement, the Company will have sufficient funding to cover all existing debt and a sufficient working capital for a period of time that the board of directors believes is necessary to clarify and agree on the Company's strategic process going forward.

ENDS 

For further information, please contact:

Øystein Tvenge, Chairman of Hiddn
Telephone: + 47 908 70 000
E-mail: oystein.tvenge@oytv.onmicrosoft.com