Valoe Corporation                     Stock Exchange Release          15 August 2019 at 15.22 (Finnish time)          

              
 
The Board of Directors of Valoe Corporation ("Valoe") has decided to propose to the company’s extraordinary general meeting to authorize the Board of Directors to decide on a share issue among other things. On 19 July 2019 Valoe disclosed that it starts the preparations for a share issue in which the company intends to collect in total approximately EUR 7.0 million of new capital in order to finance the expanding operations according to the company’s strategy. Further, the company plans to offer its current creditors an opportunity to convert receivables totally amounting to approximately EUR 3.0 million.

The share issue is subject to the extraordinary general meeting of 5 September 2019 authorizing the Board of Directors to decide on a share issue as proposed in the notice; Valoe preparing a Securities Note and the  Financial  Supervisory  Authority  approving  it. The share issue is intended to be arranged in September 2019.

The proceeds from the planned share issue would be used for the payment of the remaining part of the purchase price of the Lithuanian cell plant and for the cell plant’s modifications. Thus, the production in the Lithuanian cell plant could be started in early 2020. In addition, the funds raised through the share issue are intended to be used to modernize the company’s plant in Mikkeli and increase the plant’s capacity as well as to improve Valoe’s working capital situation and strengthen the company’s financial situation.

Valoe has earlier today, 15 August 2019, disclosed that it has signed an IBC Cells Supply Agreement with a major US customer. The value of the Agreement for 2020 is approximately USD 12 million. The Board of Directors of Valoe emphasizes that the successful completion of the share issue is a prerequisite for commencing the deliveries under the aforementioned Agreement and implementing Valoe's strategy.

In Mikkeli 15 August 2019

Valoe Corporation

Board of Directors

For more information:
Iikka Savisalo, 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 solar 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 including the IBC Cells. Valoe's head office is located in Mikkeli, Finland.