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Beskrivning
| Land | Sverige |
|---|---|
| Lista | First North Stockholm |
| Sektor | Energi & Miljö |
| Industri | Energikällor |
Today's Extraordinary General Meeting in Swedish Stirling AB (publ) (the "Company") approved the Board of Directors' resolution on an issue of convertible bonds of up to MSEK 53, with deviation from the shareholders' preferential right.
The purpose of the convertible loan is to strengthen the Company's balance sheet and to cover expenses related to entering into binding agreements with Glencore Operations South Africa (Pty) Ltd. The issue of convertible bonds shall, with deviation from the shareholders' preferential right, be made to Rose Capital PTY Limited as Trustee of the Rose Investment Trust, Gradual Solutions Inc Pte Limited and Miura Holding Limited. Subscription of the 53,000,000 convertible bonds has been made on a separate subscription list. The reason for the deviation from the shareholders' preferential right is to raise capital in a time and cost efficient way at attractive terms in order to support a continued expansion and development of the Company's operations.
The terms and conditions for the convertible loan, including the subscription price, have been established after negotiations with the subscribers on the basis of an assessment of the reasonableness of the terms and conditions for the convertible bonds made by a financial advisor.
The convertible bond issue in brief
In accordance with the Board of Directors' resolution, the convertible bonds are subject to the following terms and conditions:- The nominal value of the convertible loan is up to SEK 53,000,000, allocated across up to 53,000,000 convertible bonds.
- Each convertible bond has a nominal value of SEK 1.00, which is also the subscription price per convertible bond.
- The convertible loan falls due on the last of February 2021 and carries an interest rate of 9 per cent per annum. The interest is payable quarterly in arrears.
- The holders of the convertible bonds are entitled to request conversion during the period from 1 January 2021 up to and including 15 February 2021. The holders of the convertible bonds are, however, entitled to early conversion in the event that the Company's shares are listed on a regulated market.
- The conversion rate is SEK 10 per share when the holders of the convertible bonds request conversion, meaning that the Company's share capital may increase by a maximum of SEK 53,000, and the number of shares in the Company may increase by a maximum of 5,300,000 shares. At full conversion this corresponds to a dilution of approximately 6.2 per cent.
- The Company is entitled to request conversion during the period from 16 February 2021 up to and including 19 February 2021. The conversion rate is SEK 2 per share when the Company requests conversion.
- There is no intention to list the convertible bonds on NGM Nordic MTF or any other trading venue.