Desert Control AS - Exercise of employee share options and share capital increase
ISSUER
DESERT CONTROL AS
Sandnes, Norway, 1 March 2023: Participants in Desert Control AS' ("Desert
Control" or the "Company") share option incentive program have on 1 March 2023
exercised a total of 350,000 options at a strike price of NOK 0.003. Each option
gives a right to subscribe one share in the Company. The Company has resolved to
settle 110,000 options with cash consideration to allow the beneficiaries to
settle taxes. After the tax settlement, the Company shall deliver a total of
240,000 shares to the option holders.
In connection with a termination of employment the Company holds 12,890 shares
pursuant to exercise a claw-back right for the Company. The Company has resolved
to use the 12,890 shares to deliver parts of the shares to be delivered in
connection with the option exercise. After delivery of the 12,890 shares, the
Company will not own any own shares. The remaining 227,110 options exercised
will be settled by issuance of new shares in the Company.
Following the exercise, the Board of Directors, pursuant to the authorization
granted by the Company's Annual General Meeting, has decided to increase the
Company’s share capital by NOK 681.33 by issuing 227,110 new shares of par value
NOK 0.003. Subsequent to the transaction, Desert Control's share capital will be
NOK 123,980.367 divided into 41,326,789 shares, each share having a par value of
NOK 0.003 and carrying one vote in the Company’s general meeting.
200,000 options are exercised by primary insider of the Company Ole Kristian
Sivertsen, CEO, whereby 80,000 options are replaced by a cash bonus in order to
settle tax as a result of the options exercise. After the tax settlement,
120,000 shares are subscribed by primary insider of the Company Ole Kristian
Sivertsen, CEO. Primary insider notifications pursuant to the market abuse
regulation article 19 are attached.
For further information, please contact:
Marianne Vika Bøe, Chief Financial Officer
+ 47 406 36 356
marianne.boe@desertcontrol.com
About Desert Control
Desert Control specializes in climate-smart AgTech solutions to combat
desertification, soil
degradation, and water scarcity. Its patented Liquid Natural Clay (LNC) restores
and enhances soil
ecosystems to reduce water usage and improve the efficiency of fertilizers and
natural resources for
agriculture, forests, and green landscapes. LNC enables sandy and arid soil to
retain water and
nutrients, thus increasing crop yields, plant health, and ecosystem resilience
while preserving water
and natural resources by up to 50%.
For more about Desert Control, visit https://www.desertcontrol.com
This information is subject to the disclosure requirements pursuant to the
market abuse regulation article 19 and 5-12 of the Norwegian Securities Trading
Act.