Parans Solar Lighting AB (publ) ("Parans") draws down a third tranche from European Select Growth Opportunities Fund (the "Investor") and issues free warrants to its shareholders.
On 20 November 2017, Parans entered into an investment agreement with the Investor (the "Agreement"). On 8 March 2018, Parans and the Investor signed an amendment agreement relating to the Agreement (the "Amendment Agreement") providing, inter alia, the issuance of four tranches of SEK 2 million each, and Parans issued at this occasion a second tranche of SEK 2 million (see press release dated March 9, 2018).
On the evening of 14 August 2018, Parans’ board of directors decided to draw down a third tranche pursuant to the Agreement and the Amendment Agreement as well as the issuance of the Notes and warrants under this third tranche. The issuance is within the limitations of the authorization from the shareholder's meeting registered with the Swedish Companies Registration Office on 22 May 2018.
The capital will continue to 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 the issuance of convertible notes (the "Notes"). In connection with the transaction, Parans will also issue warrants related to the second and third tranches, as well as free warrants to existing shareholders ("Shareholders Warrants") to protect them against dilution. One (1) Shareholder Warrant will be allocated for 42 shares. The Shareholders Warrants will have the same characteristics as those of the Investor.
Highlights about the third tranche:
- Tranche amount: SEK 2,000,000
- Reference Price: SEK 3.00
- Strike price of warrants: SEK 3.00 * 120% = SEK 3.60
- Number of Notes: 2,000,000 / 10,000 = 200 Notes
- Number of warrants: 2,000,000 * 100% / 3.60 = 555,555
- Number of additional Shareholders' Warrants: 542,999 (42 shares entitle to 1 Shareholder Warrant)
For terms and conditions of the Notes and warrants, please visit Parans website:
For more information, please contact:
Anders Koritz, CEO at Parans Solar Lighting AB (publ), phone +46 733 211635, firstname.lastname@example.org www.parans.com
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 Spotlight Stock Market and has office in Mölndal, Sweden.
This information is information that Parans Solar Lighting AB (publ) 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 August 15th, 2018.