BrainCool AB (publ) prolongs the maturity period and the period for conversion into shares of the convertible debentures in series KV1 2017/2018

On 4 December 2018 the board of directors of BrainCool AB (publ) (the "Company" or "BrainCool") resolved to prolong the maturity period and the period for conversion into shares of convertible debentures of series KV1 2017/2018 by amendments to the terms and conditions of the convertible debentures. In connection with the amendments the board of directors has specified the lowest possible conversion price to SEK 3.50. The holder of the convertible debentures has approved to the amendments.

As previously published the board of directors resolved on 22 November 2017, pursuant to the authority granted by the general meeting registered with the Swedish Companies Registration Office on 1 November 2017, that the Company should raise a convertible loan in a nominal amount not exceeding SEK 20 million through a private placement in respect of not more than 200 convertible debentures. The convertible debentures have been subscribed by European Select Growth Opportunities Fund.

The board of directors resolved to amend the conditions of the convertible debentures regarding that the loan is due for payment on the 18-month anniversary of the date of registration at the Swedish Companies Registration Office of the resolution and that the convertible debentures may be converted into shares during the period commencing on the date of registration at the Swedish Companies Registration Office of the resolution regarding the issue up to and including the date falling 18 months thereafter. The maturity period and the period for conversion into shares are consequently prolonged with six (6) months.

The conversion price shall be equal to 92.5 per cent of the lowest daily volume weighted average price according to Spotlight Stock Market's official price list for the share in the company over the fifteen consecutive trading days immediately preceding the conversion date, provided that any trading day during which the holder of the convertible debentures has sold any shares in the company on the market shall not be taken into account. In connection with the amendments to the terms and conditions the board of directors resolved to specify that the lowest conversion price shall be SEK 3.50. Upon full conversion of the convertible debentures at a conversion price of not lower than SEK 3.50 it would entail an increase in the share capital of not more SEK 257,142.84.

CEO Martin Waleij comments;

-          L1 and European Select Growth Opportunities have been fully supportive in our desire to prolong the maturity date of tranche 1 and have been fully supportive throughout the entire collaboration.

For terms and conditions of the convertible notes, please visit:

http://www.braincool.se/investor-relations-2/ 

For more information

Martin Waleij - CEO                                                               
+46 - 733 -93 70 76                                                                                          
E-mail: martin.waleij@braincool.se                       

About BrainCool AB (publ)

BrainCool AB (publ) is an innovative medical device company that develops, markets, and sells leading medical cooling systems for indications and areas with significant medical benefits within the healthcare sector. The company focuses on two business segments, Brain Cooling and Pain Management. BrainCool AB (publ) is based in Lund, Sweden, and its share is listed on Spotlight Stock Market.