OSA-Direct
Saturday, 29 Apr 2017

Thin Film Electronics successfully completes private placement raising NOK 529 million

The funds will be used to prepare and equip Thinfilm's newly leased manufacturing site at North San Jose, California in order to achieve an expected production capacity of five billion NFC units

2 Dec 2016 | Editor

The Company recently announced that it has raised NOK 529 million in gross proceeds through a private placement consisting of 135,200,000 new shares (the Private Placement). The subscription price in the Private Placement has been set to NOK 3.91 per share, equivalent to the closing price on the Oslo Stock Exchange yesterday.

The net proceeds from the New Share Issue will be used to prepare and equip Thinfilm's newly leased manufacturing site at Junction Road, North San Jose, California in order to achieve an expected production capacity of five billion NFC units.

A portion of the proceeds will also cover operating costs during 2017 and 2018. Additional funds may be necessary to achieve break-even, and such sufficient additional funding may be provided through a number of alternatives, including strategic partnerships, customer financing, and/or exercise of existing warrants previously issued by the company.

ABG Sundal Collier ASA and Arctic Securities AS acted as Joint-Lead Managers and Joint Bookrunners (the Managers) in the Private Placement, which was carried out as an accelerated book-build after close of trading yesterday. The Private Placement attracted strong interest from existing shareholders as well as new high quality institutional investors.

The new shares allocated in the Private Placement will be issued in two separate tranches. Tranche 1, consisting of 63,700,000 new shares, equivalent to approximately 9.3% of the capital of the Company, will be issued based on an authorisation to the Board of Directors granted by the Company's Annual General Meeting on 10 May 2016 (the "Tranche 1 Shares").

Tranche 2, consisting of 71,500,000 new shares, representing approximately 10.5% of the capital of the Company (the "Tranche 2 Shares"), will be subject to approval by an Extraordinary General Meeting to be held on or about 23 December 2016 (the EGM).

Notification of allotment in Tranche 1 and conditional allotment in Tranche 2 will be sent to the applicants today by the Managers. The Tranche 1 Shares will be settled through a delivery versus payment transaction on 6 December 2016. The Tranche 2 Shares are expected be issued shortly after the EGM.

Following registration of the new share capital pertaining to Tranche 1, the Company will have an issued share capital of NOK 81,978,502.87 divided into 745,259,117 shares, each with a par value of NOK 0.11. Following and subject to completion of Tranche 2, the Company will have an issued share capital of NOK 89,843,502.87 divided into 816,759,117 shares, each with a par value of NOK 0.11.

www.thinfilm.no   


About Thin Film Electronics

Thin Film Electronics ASA is a leader in printed electronics and NFC smart packaging solutions. The first to commercialize printed, rewritable memory, the Company today creates printed tags, labels and systems that include memory, sensing, display, and wireless communication - all at a cost-per-function unmatched by conventional electronic technologies. Thin Film's roadmap integrates technology from a strong and growing ecosystem of partners to bring intelligence to everyday items and effectively extend the traditional boundaries of the Internet of Things.

Thin Film Electronics ASA is a publicly listed Norwegian company with headquarters in Oslo, Norway; product development and production in Linköping, Sweden; product development, production, and business development in San Jose, California, USA; and sales offices in the United States, Hong Kong, and Singapore.

Source: Thin Film Electronics


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