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Induct  – Completion of private placements of NOK 18 million – update on subscription period in subsequent offering of NOK 5 million

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NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART DIRECTLY OR INDIRECTLY, IN AUSTRALIA, CANADA, JAPAN OR THE UNITED STATES.

Oslo, Norway – 19 April 2016

Reference is made to the stock exchange notices published on 7 April 2016, 11 April 2016, 12 April 2016 and 18 April 2016 regarding inter alia two private placements with gross proceeds of NOK 18 million (of which NOK 9 million has been raised in cash and NOK 9 million through conversion of debt) and a subsequent offering to eligible shareholders.

An extraordinary general meeting in Induct AS ("Induct" or the "Company") was held yesterday. Please find attached the minutes from the extraordinary general meeting.

The general meeting approved the proposals made by the board, with certain minor amendments as the general meeting resolved that up to NOK 3.3 million of outstanding debt may be converted in the subsequent offering and that the subscription period in the subsequent offering will commence on 25 April 2016 (or alternatively, the first trading day after a registration prospectus has been submitted to the Register of Business Enterprises).

Further, the Company is pleased to announce that it has received subscriptions for NOK 10 million in the private placement resolved by the general meeting. As communicated on 11 April 2016, the Company has raised NOK 1 million in cash contribution and NOK 9 million through conversion of debt in a private placement of 1 million new shares at a subscription price of NOK 10 per new share.

The new shares to be issued in the private placement resolved by the general meeting will be listed on Merkur Market and delivered to the securities accounts of the subscribers as soon as practically possible after registration of the share capital increase in the Norwegian Register of Business Enterprises, expected on or about 28 April 2016.

As mentioned above, the general meeting resolved that up to NOK 3.3 million of outstanding debt may be converted in the subsequent offering. The final amount of debt to be converted in the subsequent offering will be determined based on the actual amount of shares allocated to the relevant subscribers. The exact amount of debt to be converted will thus be determined after the end of the subscription period.

           

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, Induct offers innovation communities, delivered as "Software as a Service," that enable organizations to create, manage, track and measure the innovation process from idea creation through to final implementation and impact reporting. Induct enables its customers to connect with each other in larger networks to share best practices, while deploying and monetizing initiatives - all within a secure, collaborative, and access-controlled cloud-based network. Induct is listed on the Merkur Market list on the Oslo Stock Exchange with the ticker INDUCT-ME.

Induct: “Connecting Innovation Communities™”

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