Parans secures external financing of up to SEK 30 million and issues free warrants to its shareholders

2017-11-21 08:03 CET Pressrelease


Parans Solar Lighting AB (publ) ("Parans") has signed an agreement relating to an investment of up to SEK 30 million. The capital will be used to secure the ongoing launch of the new SP4 system relating to marketing investments and build-up of the production capacity. The transaction is carried out through a private placement of convertible notes (the “Notes”) with warrants attached (the “Warrants”) in several tranches spread over 36 months (each, a “Tranche”).

- The agreement will be an important part of our work to secure sufficient funds to continue the launch of the new SP4 system, says Anders Koritz, Parans' CEO. We are now in a very positive and intense phase of this launch where we are working with many prospects in both the US, UAE and northern Europe. In parallel, we are also in the final phase of the establishment of our industrial production capacity for the SP4. The capital from L1 Capital will be part of our overall financing solution to secure the development of Parans as a company.

The Tranches are subscribed by a fund managed by L1 Capital Pty, Ltd. (the “Investor”). L1 Capital is a fund manager based in Melbourne, with over US$ 1 billion under management. L1 Capital manages 5 funds with positions across the globe and sectors and has been one of Australia’s top performing Australian equity fund managers since its inception in 2007. L1 Capital’s investments in Europe focus on technology and healthcare smallcap companies presenting a strong growth potential.  

The placement of the first Tranche of SEK 4 million is the first transaction launched under the issuance agreement entered into by Parans with the Investor dated 20 November 2017 (the “Agreement”).

In connection with the Agreement, Parans will also issue free warrants to existing shareholders, to protect them against dilution (the “Shareholders Warrants”). For the first Tranche, one (1) warrant will be allocated for twenty-eight (28) shares held on 14 trading days after the date of this press release. The Shareholders Warrants will have the same characteristics as those of the Investor.

Highlights about the transaction: 

Main characteristics of the Notes, the Warrants and the Shareholders’ Warrants: 

Issuance of the subsequent Tranches 

The full terms and conditions of the Notes, the Warrants and the Shareholders' Warrants will be published on Parans's website. 

Example based on one Tranche:   

This information is such information that Parans Solar Lighting AB (publ) is obligated to publish according to EU regulation on market abuse. This information was provided by the contact person below for publication on November 21st 2017.   

For more information, please contact: 

Anders Koritz, CEO at Parans Solar Lighting AB (publ), phone +46 733 211635, 

About Parans Solar Lighting AB (publ) 

Parans Solar Lighting offers sunlight for indoor environments through an innovative system that captures and leads the rays of the sun. Parans, which developed and patented the technology, turns mainly to property owners, architects and larger employers worldwide. Parans Solar Lighting is quoted on the stock exchange list Aktietorget and has offices in Gothenburg, Sweden.  

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