Veg of Lund AB (publ) carries out directed issue of shares in order to convert bridge facility and resolves on allotment of shares due to one lender’s exercise of warrants
The board of directors in Veg of Lund AB (publ) (“Veg of Lund” or the “Company”) has today resolved to carry out a directed issue of a total of 910,967 shares to three lenders following the conversion right for the Company stated in the bridge facility agreement that has been further described in a press release published on 16 June 2022. Further, the board of directors has today resolved on allotment of shares due to one lenders’ exercise of warrants which were issued in connection with the bridge facility agreement.
Veg of Lund entered in June 2022 into a bridge facility agreement with conversion rights for both the lenders and the Company, whereby repayment could be made with the Company’s shares. Furthermore, the Company’s board, with the support of authorisation from the Annual General Meeting on 11 May 2022, decided to issue 300,000 warrants to some of the lenders. The Company has now chosen to repay the loans together with accrued interest corresponding to SEK 6,057,945.21, to three lenders, Anders Färnqvist, Drivator Equity AB and Kenneth Eriksson. The repayment will be made with shares in the Company. Furthermore, one lender has chosen to exercise 100,000 warrants.
Veg of Lund has, in line with the above stated, resolved on a directed issue of shares to the lenders. The subscription price per share in the directed issue amounts to SEK 6.65. The subscription price includes a discount of 20 percent in relation to the volume weighted average price of the Company’s share during a period of 30 trading days ending the day before the respective lender’s request. As a result of the issue the numbers of shares in the Company increases by 910,967 and the share capital increases by SEK 58,301.89. The issue results in a total dilution effect of 6.64 percent.
Furthermore, Veg of Lund has, following the exercise of the warrants, resolved on allocation of shares to one lender. Each warrant entailed the right to subscribe for one (1) share in the Company at a subscription price of SEK 5.23 per share. The subscription price includes a discount of 40 percent in relation to the volume weighted average price of the Company’s share during a period of ten trading days immediately preceding the subscription notice. The number of warrants exercised amounts to a total of 100,000 warrants, meaning that an additional SEK 523,000 is added to the Company. As a result of the allocation the number of shares increases by 100,000 and the share capital increases by SEK 6,400. The allotment results in a total dilution effect of 0.77 percent.
As a result of the issue and the exercise of warrants the number of shares increases by a total of 1,010,967 and the share capital increases by a total of SEK 64,701.89. The increased number of shares and share capital generates a total dilution effect of 7.31 percent. Following the issue and allocation, the number of shares in Veg of Lund amounts to 13,826,168 and the share capital amounts to SEK 884,874.75.
For more information, please contact:
Veg of Lund AB
Emma Källqvist (Acting CEO and CFO)
Telephone: +46 721 869 018
E-mail: emma.kallqvist@vegoflund.se
About Veg of Lund AB (publ)
Veg of Lund develops unique plant-based foods meeting consumers’ demands for taste and sustainability. The company has roots in research at Lund University and owns patented methods for developing new food categories in the fast-growing market for plant-based foods. Veg of Lund’s climate-smart and tasty products are sold in Europe and Asia under the DUG® brand. The company’s share is listed on the Nasdaq First North Growth Market under ticker VOLAB. Read more at ir.vegoflund.se. Mangold Fondkommission AB is the company’s Certified Adviser and can be contacted via telephone: +46 8 5030 15 50 or e-mail: ca@mangold.se.
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