Drawdown of Tranche 1 of Convertible Loan Facility

European High Growth Opportunities Securization Fund (the “Investor”), through Alpha Blue Ocean Advisors Ltd. entered into a convertible note facility with warrants (the “Convertible Loan Facility") with Induct AS ('the Company') on 10 January 2018, whereby Investor could invest up to NOK 50 million in the Company over the next 3 years through 20 tranches of convertible notes with warrants.

Further to the adoption of the resolutions by the EGM on 15 February 2018, the first tranche of NOK 2.5 million under the Convertible Loan Facility entered into with Investor has to be drawn down by the Company before 22 February 2018 in accordance with the terms of the facility.

Induct’s Board of Directors has approved the drawdown of the first tranche in a Board Meeting following the EGM.

The agreed drawdown will be made as follows:

Tranche 1

Loan Amount: NOK 2.5 million, issued by way of 25 notes each with a value of NOK 100,000.

Conversion price for the notes will be 90% of the lowest closing VWAP of the shares during the twenty consecutive trading days immediately preceding the conversion date.

Number of warrants to be issued: 100,000

Warrant exercise price: NOK 12.50

The convertible notes do not carry any interest, and must be converted no later than 19 February 2019.

In addition to tranche 1, Induct issue 10 convertible notes, each with a value of NOK 100,000, will be used for settlement of the commitment fee for the NOK 50 million facility, and must be converted no later than 19 February 2019.

           

For further information, please contact:
Alf Martin Johansen, Chief Executive Officer
+47 90 17 94 35
amj@inductsoftware.com

           
      
About Induct

Based on eight years of collaboration with over 250 organizations globally, Induct offers a digital platform that enables efficient management of knowledge based projects and processes. In addition Induct enables the organisations to communicate, collaborate and share knowledge in a secure cloud-based network.

Subscriptions is the main source of income for Induct. Induct has customers in 9 countries

Induct is listed on the Merkur Market list on Oslo Stock Exchange with the ticker INDUCT-ME.

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