Element ASA: insurance of MNOK 5 in convertible notes

10.07.19 | Press releases

Reference is made to Element ASA's (the "Company") stock exchange announcement on 3 July 2019 regarding the Company's draw-down of the second sub-tranche (the "Second Sub-Tranche") of the third tranche of the Company's zero coupon NOK 500 million convertible note facility with attached warrants. As stated in the stock exchange announcement, the Investor may determine the amount of the Second Sub-Tranche between the range of NOK 5,000,000 and NOK 15,000,000. The Company has today received NOK 5,000,000 from the Investor, which means that the Second Sub-Tranche amounts to NOK 5,000,000. The Company will therefore issue 50 new notes, each with a par value of NOK 100,000, and 322,580 warrants to Investor. The new notes and warrants will be issued in VPS as soon as possible after the general meeting's resolution on the Second Sub-Tranche has been registered in the Register of Business Enterprises.

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
Telephone: +47 4771 0451
E-mail: gj@elementasa.com

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.