Hoylu AB (publ) completes SEK 7.1 million convertible deal
The Board of Directors of Hoylu AB (audience) (“Hoylu” or the “Company”) has, with the support of the authorization granted by the annual general meeting of May 21, 2021, carried out a directed issue of convertible bonds corresponding to a value of SEK 7.1 million. In addition, the Board of Directors has decided to raise a loan from Baklid Invest AS in the amount of SEK 3,000,000 with an interest rate of 6% per annum.
The convertible bonds were subscribed by Alden AS, Bimo Kapital AS, Helling Invest AS, Torsen Tankers & Towers AS, Camelback Holding AS, OneTwo3 AS, Norse Partners AS, Norse AS, Erling Johnsen A/S, Frenisa AS and KES. AS (the “Investors”). The reasons for the deviation from the pre-emption rights of shareholders are to raise capital in an efficient manner in terms of costs and time, on terms that are advantageous to the Company and its shareholders. Proceeds from the directed offering will be used to increase the Company’s working capital to enable continued operations and growth. The issue directed to Investors was carried out with the support of the authorization granted at the annual general meeting of May 21, 2021.
The convertible debt notes mature on October 31, 2022 and bear an annual interest rate of six (6)%. The conversion price for the new shares is fixed at SEK 1.00 and the holder of the convertible instrument has the right to request the conversion of all or part of his debt into new shares of the Company from the date of registration. from the issuance and until October 31, 2022. The terms of the issuance of the convertible bonds, including the conversion price, were determined following arm’s length negotiations with the underwriters. Consequently, the Company’s Board of Directors considers that the terms of the convertible bond issue are in line with market conditions.
Upon full conversion of the convertible bonds under the investor-directed issue (excluding accrued interest), the share capital will increase by approximately SEK 585,724 through the issuance of 7,104,934 new shares. The dilution for existing shareholders amounts to a maximum of approximately 7.2 percent.
Short term loan
The Board of Directors has decided to raise a short-term loan from Baklid Invest AS (controlled by the CEO, Truls Baklid) in the amount of SEK 3,000,000. The maturity date is set at October 31, 2022 and runs with an interest of 6% per annum.
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Stock Symbol: Hoylu
Marketplace: Nasdaq First North Growth Market
Certified Advisor: Mangold Fondkommission AB +46 (0) 8 50 301 550, [email protected]
This information is information that Hoylu AB is required to make public under the EU Market Abuse Regulation. The information was submitted for publication, through the contact person indicated above, at 08:35 CET on 02 May 2022.