Share capital increase registered

05.07.19 | Press releases

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 8,100,000 of the Convertible Note Facility at a conversion price of NOK 2.6 per share. As a consequence of the conversion, the Company's share capital has been increased by NOK 4,986,614.40 through issuance of 3,115,384 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 20,594,548.80 divided by 12,871,593 shares, each with a par value of NOK 1.60. Each share gives one vote at the Company's general meeting. 


The recent conversion by ABO implies that ABO has 5 notes outstanding under the Convertible Note Facility.

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:

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.