​ Share capital increase registered

15.04.19 | Press releases

Reference is made to Element ASA's (the Company) zero coupon NOK 500 million convertible note facility with attached warrants (the Convertible Note Facility) with European High Growth Opportunities Securitization Fund (the Investor), and minutes of meeting from the extraordinary general meeting (the EGM) held on 18 March 2019 where the proposed amendments to Tranche 3 of the Convertible Note Facility were approved.

The Investor has converted NOK 500,000 of the Convertible Note Facility at a conversion price of NOK 0.20 per share. As a consequence of the conversion the Company's share capital has been increased by NOK 200,000.00 through issuance of 2,500,000 new shares, each with a par value of NOK 0.08. The share capital increase is registered in the Norwegian Register of Business Enterprises. The Company's new share capital is NOK 11 817 533,76 divided by 147,719,172 shares, each with a par value of NOK 0.08. Each share gives one vote at the Company's general meeting.

The new shares will be listed and made tradable immediately.
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

For further information, please contact:

Cecilie Grue
Chief Executive Officer
Telephone: +47 991 62 486
E-mail: cg@elementasa.com

Thomas Christensen
Chairman of the Board of Directors
E-mail: tc@procorp.no

About Element
Element is an innovative project investment company within the mineral sector, which continuously strives to create shareholder value at the lowest possible risk. The company has as strategy to identify undervalued projects, closing in on cash flow, where infrastructure and other basic work, if necessary, have in large, been completed. The company's special focus is linked to projects within new, and usually ground breaking technology, within its niches.