Valoe Corporation                     Stock Exchange Release          18 July 2019 at 14.45 Finnish time

The Board of Directors of Valoe Corporation (the "Company") has resolved on the share subscription based on the conversion of the promissory notes issued under the Company's convertible bond 1/2019. In the said share subscription, the lenders of the convertible bond 1/2019 subscribed in total 11,565,864 new shares (the "New Shares") in the Company by converting the promissory notes into the New Shares pursuant to the conversion requests delivered to the Company (the "Share Subscription").

The terms of the convertible bond 1/2019 were disclosed as stock exchange release on 18 January 2019. One loan share of EUR 50,000 pursuant to the promissory note entitled the lender to subscribe for 333,333 New Shares of the Company. The subscription price of one New Share in the Company was EUR 0.15 per share. The subscription price was set on a level corresponding to the closing price of the Company's shares on a stock exchange on 16 January 2019 less 15 percent. The subscription price of a share was paid by way of set off against the unpaid capital of the convertible bond 1/2019.

The subscription price of the shares was entered in entirety into the Company's invested non-restricted equity fund and thus the share capital of the Company was not increased in connection with the Share Subscription. The New Shares shall have the similar rights with the Company's shares issued previously.

The Company shall apply for the registration of the New Shares with the Trade Register without delay. The Company expects the New Shares subscribed in the Share Subscription to be registered with the Trade Register approximately on 29 July 2019.

The New Shares shall be issued and recorded to the book-entry system maintained by Euroclear Finland Ltd first as interim shares representing the New Shares (the "Interim Shares"). The Interim Shares will not be applied to be admitted to trading on Nasdaq Helsinki Ltd. The Interim Shares will be combined with the Company's present class of shares (the ISIN code FI0009006951, trading symbol VALOE) when the New Shares have been admitted to trading. The New Shares are applied to be admitted to trading on the stock exchange list of Nasdaq Helsinki Ltd together with the other shares of the Company approximately by the end of July 2019 and the combination of the Interim Shares with the present share class of the Company is expected to occur by the end of July 2019, respectively.

The Company shall publish separately around 19 July 2019 a prospectus pursuant to the Finnish Securities Markets Act for the application of the New Shares and in total 2,050,000 new shares subscribed in the directed share issue without consideration to the Company itself disclosed on 15 July 2019 to trading on Nasdaq Helsinki Ltd.

After the registration of the New Shares in the Trade Register, the total number of the shares in the Company is 30,105,835 shares of which 5,553 shares are held by the Company, and taken into account the new shares subscribed in the share issue to the Company itself on 15 July 2019 not yet registered with the Trade Register, the total number of the shares in the Company is 32,155,835 shares.

A total amount of EUR 1,700,000 of the loan capital of the convertible bond 1/2019 was converted to the New Shares in the share subscription and thus the convertible bond 1/2019 decreased by EUR 1,700,000. In total 7,747,112 new shares can be subscribed by executing the conversion right under the convertible bond 1/2019.

In Mikkeli 18 July 2019

Valoe Corporation

Board of Directors

For more information:

Iikka Savisalo, President and CEO, Valoe Corporation
Tel. +358 40 521 6082
email: iikka.savisalo@valoe.com

Distribution:
NASDAQ OMX, Helsinki
Main media
www.valoe.com

Valoe Corporation specializes in the clean energy, especially in photovoltaic solutions. Valoe provides automated production technology for solar modules based on the company’s own technology; production lines for modules; solar modules and special components for solar modules. Valoe's head office is located in Mikkeli, Finland.