Brief: Azelio Intends To Resolve On Rights Issue Of Up To About SEK 350 Mln

Azelio AB

24/10/2019 07:11

Oct 24 (Reuters) - Azelio AB  AZELIO.ST :
    * THE BOARD OF DIRECTORS IN AZELIO INTENDS TO RESOLVE ON A
PARTLY
GUARANTEED RIGHTS ISSUE OF UP TO APPROXIMATELY SEK 350 MILLION
    * AZELIO - WILL USE RIGHTS ISSUE PROCEEDS TO FINANCE ONGOING
OPERATIONS, COMMERCIALIZATION OF THERMAL ENERGY STORAGE AND
STIRLING BASED ELECTRICITY PRODUCTION TECHNOLOGY
    * AZELIO - PROCEEDS FROM RIGHTS ISSUE IS EXPECTED TO BE
SUFFICIENT
UNTIL SEPTEMBER 2020
    * AZELIO - POST SEPT 2020 BOARD EXPECTS CO WILL NEED
ADDITIONAL
CAPITAL AMOUNTING TO ABOUT SEK 300 MILLION UNTIL COMPANY BECOMES
CASH FLOW POSITIVE WHICH IT IS EXPECTED TO BE AS FROM END OF
2021
    * AZELIO - EXPECTS TO BE ABLE TO RAISE UP TO SEK 150 MILLION
IN
FINANCING FROM E.G. BANK LOANS, PUBLIC GRANTS AND SOFT LOANS AS
PART OF THIS ADDITIONAL FINANCING NEED
    * AZELIO - IF RIGHTS ISSUE RAISES SEK 225 MILLION IN GROSS
PROCEEDS, BOARD CO WILL HAVE SUFFICIENT WORKING CAPITAL UNTIL
JUNE 2020,THEREAFTER FINANCING NEED WOULD BE OF ABOUT SEK 425
MILLION
    * SUBSCRIPTION PRICE IN RIGHTS ISSUE WILL NOT EXCEED SEK 10

Source text for Eikon:  ID:nWkr8ZRbrV 
Further company coverage:  AZELIO.ST 

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