Ripasso Energy secures SEK 25 million in financing

Ripasso Energy has entered into an agreement in principle with the company’s largest and third-largest owners (hereinafter referred to as the principal owners) with regard to financing through the issue of convertible bonds in a total amount of MSEK 25. The principal owners have undertaken to guarantee 100% of the issue.

Under the agreement, the convertible bond issue is subject to the following conditions:

• Preferential right for the company’s shareholders.
• A total loan amount of: MSEK 25. 
• Term of the loan: 2 years.
• Coupon: 10% per year.
• Conversion price: SEK 5 per share. 
• The principal owners guarantee 100% of the issue with subscription commitments and underwriting guarantees at no cost to the company.

The agreement in principle is binding on the principal owners, provided that an extraordinary general meeting held no later than in October 2017 resolves to issue convertible bonds according to the terms set out above. At the forthcoming ordinary board meeting, scheduled for 14 August 2017, the Board of Directors of Ripasso Energy intends to deliberate the detailed terms and conditions of the convertible bond issue and to convene an extraordinary general meeting to resolve on the convertible bond issue. Decisions taken at the board meeting will be announced after the board meeting.

“It is very gratifying to see such strong support for the company from our largest owners. Other shareholders having the opportunity to participate on the same terms is very positive, as the first commercial facility is being delivered in Q1 of next year and it is possible that major orders will be placed before then,” say Johan Ekesiöö and Ulf Gundemark, independent directors serving on Ripasso Energy’s Board of Directors.

“The extended financing will allow us to comfortably propel the company forward and achieve our sales targets in Sicily. Our capitalisation has been secured until the end of June 2018, with scope to further expand operations by yet another business line,” says Gunnar Larsson, CEO and founder of Ripasso Energy

For additional information with respect to this press release, please contact Ripasso Energy’s CEO and founder Gunnar Larsson, e-mail: ir@ripassoenergy.com. For more information about the company, visit: www.ripassoenergy.com.

This information is information that Ripasso Energy is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication through the agency of the contact person set out above, at 15:00 CEST on 7 August 2017.