Bioretec plans a share issue of up to approximately EUR 4 million for which it has received a subscription commitment of EUR 1.5 million and has agreed on liquidity provider services for its shares
Bioretec Ltd Inside information 20 September 2021 at 1.00 p.m. EEST
Bioretec Ltd ("Bioretec" or the "Company") announced today that it has submitted a listing application with Nasdaq Helsinki Ltd ("Nasdaq Helsinki") for listing of the Company's shares (the "Shares") on Nasdaq First North Growth Market Finland maintained by Nasdaq Helsinki (the "Listing").
The Company announces that it is planning on organizing a directed share issue against payment of up to approximately EUR 4.0 million, based on the authorization granted by the Company's extraordinary general meeting on 9 July 2021, after the Listing and by the end of the current year 2021. In the share issue, the Company would offer for institutional investors and a limited number of other investors for subscription a maximum of 1,333,333 new Shares in the Company against a subscription price of at least EUR 3.00 per share. For the share issue, the Company has received a subscription commitment of EUR 1.5 million, under which an investor has committed to subscribe for 500,000 new Shares in the Company against a subscription price of EUR 3.00 per share in the planned share issue provided that the Listing is carried out.
The Company will publish a separate release concerning the completion of the planned share issue provided that the Company's Board of Directors makes a decision concerning the share issue and that the Listing is completed.
Further information on the planned share issue will be provided in a Finnish-language company description prepared in accordance with the Nasdaq First North Growth Market Rulebook and published by the Company on the website of the Company at www.bioretec.com/listautuminen on or about 24 September 2021.
In addition, Bioretec announces that it has, in connection with the Listing, entered into an agreement with Lago Kapital Ltd concerning liquidity provider services provided that Nasdaq Helsinki accepts the Company's listing application and that the Listing is completed. The aim of the agreement concerning the liquidity provider services is to promote the liquidity of the Company's share and decrease the difference between the purchase and sales offers of the Company's Shares.
Timo Lehtonen, CEO, tel. +358 50 433 8493
Tomi Numminen, Chairman of the Board, tel. +358 40 581 2132
Certified Adviser:
Nordic Certified Adviser AB, tel. +46 70 551 67 29
Bioretec’s mission is to promote healing after trauma or orthopedic surgery, building on a unique understanding of bioresorbable medical implants that act as scaffolds for tissue growth and eliminate the need for removal surgery of the implants. Bioretec's bioresorbable polymer implants are used worldwide and the Company intends to launch a new series of innovative implants based on a unique bioresorbable metallic alloy, RemeOsTM. The RemeOsTM product line is designed to meet the unmet medical need of demanding load-bearing fixations, and to facilitate a seamless transition for surgeons from conventional titanium implants. Better healing – Better life.