Ripasso Energy’s convertible bond issue oversubscribed
The final result of the convertible bond issue in Ripasso Energy AB (publ) (”Ripasso Energy” or the ”Company”) shows that 77,584,497 convertible bonds, corresponding to approximately 97.6 percent of the convertible bonds in the offer, were subscribed for with subscription rights. Additionally, applications for subscription without subscription rights have been received for 7,728,093 convertible bonds, corresponding to approximately 9.7 percent of the total rights issue. Accordingly, the convertible bonds subscribed for by exercise of subscription rights together with the applications for subscription without subscription rights correspond to approximately 107.3 percent of the convertible bonds offered.
Hence, the rights issue has been oversubscribed and the remaining 1,920,524 convertible bonds not subscribed for with subscription rights, corresponding to approximately 2.4 percent of the convertible bonds in the offer, have been allotted to persons who have subscribed for convertible bonds without subscription rights.
Through the convertible bond issue, Ripasso Energy raises gross proceeds of approximately MSEK 79.5 before issue costs, of which MSEK 27.5 will be used to repay the Company’s loans provided by East Guardian SPC, Miura Holding Limited, Alexander af Jochnick and David Zaudy by set-off in the convertible bond issue.
Allotment of convertible bonds (units) subscribed for without subscription rights have been made according to the principles outlined in the prospectus. Such subscribers who have been allotted convertible bonds subscribed for without subscription rights will be notified separately. Shareholders with nominee-registered holdings will receive confirmation of the allotment in accordance with the procedure of the respective nominee. Only those who are allotted convertible bonds will be notified.
If the convertible bonds are fully converted into shares, upon the request of the convertible bond holders, Ripasso Energy’s share capital will increase with SEK 79,505.02 through the issuance of 7,950,502 new shares, corresponding to a dilution of approximately 9.1 percent.
The last day of trading in paid subscribed units (BTUs) on NGM Nordic MTF has been determined to 6 March 2019. Trading in the convertible bond is expected to begin on NGM Nordic MTF on 12 March 2019, which is two banking days later than set out in the preliminary time schedule previously announced.
For further information please contact:
Sven Ljungberg, CCO, Ripasso Energy AB, ir@ripassoenergy.com.
About Ripasso Energy
Ripasso Energy is a Swedish clean tech company founded in 2008 with a mission to further refine the incomparable ability of Stirling technology to convert thermal energy to electricity. The company offers a variety of solutions enabling power generation at record-low prices compared to other climate-friendly and sustainable alternatives. Ripasso Energy’s Stirling engine can handle a wide range of fuels. The company’s latest product, the PWR BLOK 400-F, converts industrial residual and flare gases into electrical energy at a high rate of efficiency. The company’s shares are listed in Sweden (on the NGM Nordic MTF), and can also be traded on the Börse Stuttgart in Germany. Read more at www.ripassoenergy.com.
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Important information
The information in this press release does not contain or constitute an offer to acquire, subscribe or otherwise trade in convertible bonds or other securities in Ripasso Energy. Any invitation to the persons concerned to subscribe for convertible bonds in Ripasso Energy is only made through the prospectus which Ripasso Energy published on 6 February 2019.
The information in this press release may not be released, published or distributed, directly or indirectly, in or into the United States (including its territories and provinces, every state in the United States and the District of Columbia), Australia, Hong Kong, Japan, Canada, New Zealand, Switzerland, Singapore or South Africa or any other jurisdiction in which such action is subject to legal restrictions or would require other measures than those required by Swedish law.
This press release does not contain or constitute an offer to acquire or subscribe to securities in the United States. No subscription rights, BTUs, convertible bonds or shares have or will be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or the securities legislation of any state or other jurisdiction in the United States and may not be offered, subscribed, sold or otherwise transferred, directly or indirectly, in or within the United States, other than pursuant to an exemption from, or in a transaction that is not subject to, the registration requirements under the U.S. Securities Act and in accordance with the securities legislation in the relevant state or any other jurisdiction of the United States. Ripasso Energy does not intend to register any portion of the offering of the securities in the United States or to conduct a public offering in the securities in the United States.