Enersize’s Board of Directors and Management Subscribe for shares in the ongoing rights issue

Enersize Oyj (”Enersize” or the ”Company”) announces today that part of its Board of Directors and management will subscribe for a total of approximately SEK 500,000 in the ongoing rights issue, that was announced September 24, 2019 (the “Rights Issue”).

The Chairman of the Board of Enersize, Thomas Bengtsson, will subscribe for his pro rata of shares corresponding to an amount of SEK 236,798. In addition, parts of the Board and management in Enersize will subscribe for shares corresponding to an amount of SEK 261,125. In total, Enersize's Board and management will subscribe for an amount of SEK 497,922, corresponding to 1,06 percent of the ongoing Rights Issue.

Conversion of salary to shares

In addition to the subscriptions in the Rights Issue mentioned above, parts of management have agreed to convert part of their salary receivables accrued since April 1, 2019 to shares in the Company according to below:

Anders Sjögren (CEO): 50 percent of salary receivables

Bo Kuura (CTO): 30 percent of salary receivables

Daniel Winkler (CSMO): 10 percent of salary receivables

Decision on issuance of such shares has not yet been made by the Board of Directors.

Summary of the Terms in the Rights Issue

• Enersize has granted all shareholders registered in Enersize's share register kept by Euroclear Finland Oy or Euroclear Sweden AB one (1) subscription right for each share held on the record date 26 September 2019. One (1) subscription right entitles the holder to subscribe for two (2) newly issued shares. When two (2) newly issued shares are subscribed, one (1) free of charge warrant of series 2/2019 is received. The subscription price is 0.65 SEK or 0.06 EUR per share.
• Subscription period for subscription of shares will be from 1 October 2019, and until 16 October 2019 in Sweden and until 18 October 2019 in Finland.
• Existing shareholders who choose not to participate in the Rights Issue, assuming that the Rights Issue is fully subscribed, will experience a dilution amounting to 67 per cent.
• The subscription period for subscription of shares by exercising the warrants will be from 31 August 2020 to 11 September 2020.
• The subscription price for subscription of shares by exercising the warrants corresponds to 70 per cent of the average volume weighted price paid for the Company’s shares according to Nasdaq First North Growth Markets official list during the period from 13 August 2020 up and until 27 August 2019. The subscription period for subscription of shares by exercising the warrants will be from 31 August 2020 to 11 September 2020. The subscription price may not be lower than 0.65 SEK (0.06 EUR) or higher than 1.30 SEK (0.12 EUR), which means that the Company can receive a minimum of approximately 24 MSEK and a maximum of approximately 47 MSEK upon full exercise of the warrants.

The Rights Issue is covered by approximately 8.3 MSEK, corresponding to approximately 17.6 per cent, by subscription undertakings from existing shareholders, of which 5.3 MSEK constitutes of conversion of loans corresponding to 11.2 per cent and approximately 19.9 MSEK, corresponding to approximately 42.4 per cent, from guarantee undertakings. In total, 60 per cent of the Rights Issue is comprised of subscription undertakings and guarantee undertakings.

Timetable for the Rights Issue

October 16, 2019: last day for subscription in the Rights Issue in Sweden

October 18, 2019: last day for subscription in the Rights Issue in Sweden

October 23, 2019: indicative date for announcement of results

Advisers

Mangold Fondkommission AB is acting as financial adviser to the Company in the Rights Issue. Smartius Oy and Eversheds Sutherland Advokatbyrå AB are acting as legal advisers to the Company.

Certified Advisor 

Svensk Kapitalmarknadsgranskning AB

E-post: ca@skmg.se

Telefon: +46 11 32 30 732

For more information about Enersize, please contact: 

Anders Sjögren, CEO

Telephone: +46(0)730-763530

E-mail: anders.sjogren@enersize.com

The English text is an in-house translation of the original Swedish text. Should there be any disparities between the Swedish and the English text, the Swedish text shall prevail.

Brief information about Enersize

With its proprietary patent-pending automated software, Enersize Q+ for leakage management, data collection and analysis, Enersize can provide 10-50% energy savings in industrial compressed air systems. With Enersize Enterprise, the customers can measure and monitor several factories centrally. Through the recently acquired Enersize LEAQS system, the company has access to more than 9000 leakage management projects, and the associated more than 4000 customers worldwide. The combination of the company’s software services can increase the customer’s savings in running projects, while generating direct license and project revenue. 90% of the manufacturing industry uses compressed air, which constitutes about 2% of the world's total electricity consumption. Among Enersize's existing customers are one of the world's largest manufacturers of flat screens and well-known car manufacturers and steel mills. The company is headquartered in Helsinki, have a sales office in Gothenburg and a development office in Lund. The company is listed on Nasdaq Stockholm First North Growth Market under the ticker: ENERS. www.enersize.com

Important information

This press release is not an offer to subscribe for shares in Enersize and investors should not subscribe or acquire any securities. Invitation to concerned persons to subscribe for shares in Enersize will only be made through the prospectus that Enersize has published on 24 September 2019.

This press release shall not, directly or indirectly, be released, published or distributed in or to the United States, Australia Japan or Canada or other country where such action as a whole or in part is subject to legal restrictions.

Neither subscription rights, paid subscribed shares (”BTA”), newly issued shares or warrants have been recommended or approved by any US federal or state securities authority or regulatory authority. No subscription rights, BTA, newly issued shares have been registered or will be registered under the United States Securities Act of 1933, as applicable, or in accordance with applicable laws in the United States, Australia, Hong Kong, Japan, Canada, New Zealand, Switzerland, Singapore, South Africa or in any other country where the Rights Issue or distribution of the press release is in violation of applicable laws or regulations or presupposes that a further prospectus is established, registered or that any other measure is undertaken beyond that required by Finnish or Swedish law.

There is no intention to register any portion of the offer in the United States and the securities issued in the Rights Issue will not be offered to the public in the United States.

This press release may contain certain forward-looking information that reflects Enersize’s current views on future events as well as financial and operational development. Words that are "intended", "come", "judged", "expected", "can", "plan", "appreciate" and other expressions that imply indications or predictions about future developments or trends, constitute forward-looking information. Forward-looking information is inherently associated with both known and unknown risks and uncertainties because it depends on future events and circumstances. Forward-looking information does not constitute a guarantee of future performance or development and actual outcomes may differ substantially from what is stated in forward-looking information. This information, the opinions and the forward-looking statements contained in this press release are valid only on this date and may be amended without notice. Enersize makes no representations about publishing updates or revisions of forward-looking information, future events or similar circumstances other than the applicable law.