Share capital increase registered

11.10.19 | Pressemeldinger

Reference is made to the stock exchange announcements on 6 May 2018 regarding a new zero coupon NOK 500 million convertible note facility with attached warrants (the "Convertible Note Facility") entered into with Alpha Blue Ocean Advisors Ltd. ("ABO"), on 15 May 2018 regarding, inter alia, entry into definitive agreements for the Convertible Note Facility and on 6 June 2017 regarding approval by the general meeting of necessary resolutions related to the Convertible Note Facility and draw down of the first tranche of MNOK 50 under the Convertible Note Facility. Reference is furthermore made to the stock exchange announcements on 22 February 2019 regarding amendments to the third tranche of the Convertible Note Facility and on 18 March 2019 regarding the general meeting's approval of the same.

ABO has converted NOK 2,300,000 of the Convertible Note Facility at a conversion price of NOK 2.7 per share. As a consequence of the conversion, the Company's share capital has been increased by NOK 1,362,961.60 through issuance of 851,851 new shares, each with a par value of NOK 1.60. The share capital increase is registered in the Norwegian Register of Business Enterprises. The Company's new share capital is NOK 29,297,510.40 divided by 18,310,944 shares, each with a par value of NOK 1.60. Each share gives one vote at the Company's general meeting. 

The 851,851 new shares will initially be issued on a separate, non-tradable ISIN once ABO transfers the relevant convertible notes to the clearing account. The new shares will be converted to the ordinary ISIN of the Company and made tradable on the Oslo Stock Exchange following approval and publication of a listing prospectus.

After this conversion ABO has one remaining convertible note with a face value of NOK 100 000 that can be converted to Element shares.

This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

For further information, please contact:

Geir Johansen
Chief Executive Officer T
elephone: +47 47 71 04 51
E-mail: gj@elementasa.com