The convertible bond issue in Ripasso Energy AB is covered by subscription undertakings corresponding to approximately 77 percent
On 16 January 2019, an Extraordinary General Meeting in Ripasso Energy AB resolved to carry out an issue of convertible bonds of not more than SEK 79,505,021 with preferential right for existing shareholders. The issue is covered by subscription undertakings equivalent to approximately 77 percent. The record date is 7 February 2019 and the last day of trading in shares in Ripasso Energy including rights to receive subscription rights is today on 5 February 2019.
The purpose of the convertible loan is to meet Ripasso Energy's working capital needs related to the order by Afarak Mogale (Pty) Ltd. of 7 PWR BLOK units and preparations for mass production of the PWR BLOK, to cover costs incurred by the conclusion of binding agreements with Glencore Operations South Africa (Pty) Ltd., to strengthen the Company's organization in support of the company's intention to have the company listed on a regulated market in autumn 2019, and to set-off the Company’s loans raised in connection with the announcement of the convertible bond issue.
Ripasso Energy has by entering into agreements on 5 February 2019 received additional subscription undertakings, corresponding to approximately MSEK 33.9, from the following investors:
- Rose Capital PTY Limited, MSEK 20
- Gradual Solutions Inc Pte Ltd, MSEK 10
- Claes Mellgren, approximately MSEK 1,95
- Per-Olof Andersson, approximately MSEK 1,95
The company has previously received subscription undertakings from East Guardian SPC, Miura Holding Limited, Alexander af Jochnick and David Zaudy in a total amount of MSEK 26.3, and from the board members Benedict Morgan, Ulf Gundemark, Johan Ekesiöö and Gunilla Spongh in a total amount of MSEK 1.217. In total, Ripasso Energy has thus obtained subscription undertakings equivalent to MSEK 61.4, corresponding to approximately 77 percent of the issue proceeds.
To enable subscription of convertible bonds in the issue, the company’s major shareholders – Sven Sahle, AC Cleantech Growth Fund I Holding AB and Gunnar Larsson – have transferred subscription rights, free of charge, to all who have entered into agreements for subscription undertakings with the company except for East Guardian SPC and the board members Ulf Gundemark and Johan Ekesiöö. Consequently, Sven Sahle, AC Cleantech Growth Fund I Holding AB and Gunnar Larsson have transferred all their subscription rights in the issue.
“We have now secured the funding to make the PWR BLOK 400-F a commercially proven product and hopefully secure a major deal for the company. The method we used of giving subscription rights to renowned investors who in return provide subscription commitments without compensation results in very low issue costs and inspires significant confidence among smaller shareholders, as they can now make a decision regarding an offer that is more or less fully subscribed,” says Sven Sahle, Chairman of the Board and largest shareholder of Ripasso Energy AB.
Additional information about the issue will be included in the prospectus that will be published on or around 6 February 2019.
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.
Ripasso Energy is required to disclose this information in accordance with the EU Market Abuse Regulation. The information was submitted for publication at the initiative of the above contact person on 5 February 2019 at 08:00 CET.
NOT FOR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, HONGKONG, JAPAN, CANADA, SWITZERLAND, SINGAPORE, SOUTH AFRICA OR NEW ZEALAND OR ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION OF THIS PRESS RELEASE WOULD BE UNLAWFUL OR WOULD REQUIRE REGISTRATION OR OTHER MEASURES BESIDES THOSE REQUIRED BY SWEDISH LAW.
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 will only be made through the prospectus that Ripasso Energy plans to publish on or around 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.