Cimco Marine AB (publ) publishes final outcome of the rights issue

The final outcome of Cimco Marine AB’s (publ) (”Cimco Marine” or the “Company”) rights issue of units of totally approx. SEK 154 million, for which the subscription period ended on 3 April 2019, shows that 21,535,380 units, corresponding to approx. 62.6 % of the rights issue, were subscribed for with preferential rights (incl. subscription undertakings). Additionally, 1,462,018 units, corresponding to approx. 4.2 % of the rights issue, were subscribed for without preferential rights. 10,835,939 units, corresponding to approx. 31.5 % of the rights issue, were subscribed by guarantors. Through the rights issue, Cimco Marine raises approx. SEK 101.5 million before deduction of issue related costs.

Through the rights issue, Cimco Marine raises approx. SEK 101.5 million before deduction of issue related costs. Additionally, Cimco Marine can raise approx. SEK 50.75 million assuming full utilization of warrants of series 2019:1.

Allocation of units has been made according to the principles described in the prospectus. Those who are allocated units subscribed for without preferential rights will receive an allocation notice in the form of a contract note. Payment for such units is to be made according to the instructions on the contract note.

“My team and I want to thank all existing and new shareholders for your trust. After some fine tuning the past year, I look forward to leading a well-oiled machinery towards new successes. The organization has been strengthened for a commercial establishment and we will now be able to work with full focus on reaching our future goals, in order to increase sales volumes and margins and launch the next generation of outboard engines based on BMW base engines during the first half of 2020”, comments Andreas Blomdahl, CEO of Cimco Marine. 

Shares and share capital
When the rights issue has been registered with the Swedish Companies Registration Office (Sw. Bolagsverket), the total number of shares in Cimco Marine will amount to 131,006,184 shares and the share capital will amount to SEK 3,930,185.52. Warrants of series 2019:1 will amount to 33,833,337. Assuming full utilization of the warrants of series 2019:1, the total number of shares in Cimco Marine will increase to 164,839,521 shares and the share capital will increase to SEK 4,945,185.63.

Trading in BTU
Trading in BTU (paid subscribed unit (Sw. betald tecknad unit)) is currently conducted on First North, which will cease once the issue has been registered with the Swedish Companies Registration Office. BTU will then be converted into ordinary shares and warrants.

Warrants
One (1) warrant of series 2019:1 entitles the holder to subscribe for one (1) new share in the Company during the period 7–21 October 2019 at SEK 1.50 per share.

Advisers
Redeye Aktiebolag acted as financial adviser and Advokatfirman Lindahl Kommanditbolag acted as legal adviser in connection with the rights issue.

Certified Adviser
Västra Hamnen Corporate Finance AB is Certified Adviser for Cimco Marine. Contact details to Västra Hamnen Corporate Finance AB: tel. +46 40 20 02 50, e-mail ca@vhcorp.se.

For further information, please contact:
Anders Berg, Chairman, anders.berg@oxe-diesel.com, +46 70 358 91 55
Andreas Blomdahl, CEO, andreas.blomdahl@oxe-diesel.com, +46 431 44 98 99
Myron Mahendra, CFO and EvP in charge of Administration and HR, myron.mahendra@oxe-diesel.com, +46 76 347 59 82

https://www.oxe-diesel.com/

Cimco Marine AB (publ) has, after several years of development, constructed the OXE Diesel, the world's first diesel outboard engine in the high-power segment. Cimco Marine's unique patented engine-to-propulsion power transmission solutions have led to high demand for the Company's engines worldwide.