28.5.2024 17:01:39 CEST | Huddlestock Fintech AS | Inside information
NOT FOR DISTRIBUTION, RELEASE OR REPUBLICATION, DIRECTLY OR INDIRECTLY, TO U.S.
NEWS WIRE SERVICES OR FOR DISSEMINATION IN OR INTO THE UNITED STATES, AUSTRALIA,
CANADA, HONG KONG OR JAPAN, OR ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION,
RELEASE OR REPUBLICATION WOULD BE UNLAWFUL.
Huddlestock Fintech AS (OSE: HUDL), ("Huddlestock" or the "Company") is
contemplating to carry out a private placement of convertible debt
("Convertibles") raising gross proceeds of between NOK 10,000,000 and NOK
20,000,000 towards Norwegian and international investors after the close of
trading on Euronext Growth Oslo today.
The net proceeds to the Company from the Private Placement will be used to
finance further development of the Company and for general corporate purposes.
In the Private Placement, Huddlestock is offering subscription of convertible
debt for gross proceeds of between NOK 10,000,000 and NOK 20,000,000 (the "Offer
Size"). The Convertibles will be structured as convertible loans with an
interest rate of 10% p.a. The conversion of the Convertibles will be effected on
or about the date falling 18 months from the date of settlement of the Private
Placement, at a conversion rate of NOK 1 per share in the Company. If the
volume-weighted average price per share over the last five days prior to the
conversion date (the "VWAP Price") is lower than NOK 1, then the conversion
price per share shall be set to a price per share equivalent to the VWAP Price
and the Company may alternatively choose to settle the Convertibles in cash.
15 investors have pre-committed to subscribe for, and will be allocated,
Convertibles for approximately NOK 12,000,000 in the Private Placement (the
"Pre-Subscribers"). This includes