Brief: Softox Solutions Strengthens Liquidity

SoftOx Solutions AS

28/06/2022 07:09

June 28 (Reuters) - SoftOx Solutions AS  SOFTX.OL :
    * STRENGTHENS THE LIQUIDITY
    * HAS ENTERED INTO A LOAN AGREEMENT WITH ALMHAUG BOLIG AS, WHERE MAIN SHAREHOLDER IS ONE OF
SHAREHOLDERS IN SOFTOX. ALMHAUG BOLIG AS WILL PROVIDE COMPANY WITH A SHORT-TERM LOAN OF NOK 15
MILLION.
    * COMPANY IS CONSIDERING INCREASING AMOUNT OF LOAN TO UP TO APPROX. NOK 30 MILLION TO BE
RAISED
FROM EXISTING SHAREHOLDERS AND CERTAIN PROFESSIONAL INVESTORS, SUBJECT TO A MINIMUM INDIVIDUAL
LOAN AMOUNT OF NOK 1 MILLION.
    * NET PROCEEDS OF LOAN WILL BE USED TO FUND COMPANY'S ONGOING PROJECT AND OPERATING
ACTIVITIES AND
FOR GENERAL CORPORATE PURPOSES.
    * ALMHAUG BOLIG AS HAS COMMITTED TO NOK 15 MILLION OF LOAN, OF WHICH NOK 5 MILLION WILL BE
IN FORM
OF REFINANCING OF CONVERTIBLE LOAN RAISED IN OCTOBER 2021 AND REMAINING NOK 10 MILLION WILL BE
IN CASH
    * FUNDS. FOLLOWING CAREFUL CONSIDERATIONS, BOARD IS OF VIEW THAT IT WILL BE IN COMMON
INTEREST OF
COMPANY AND ITS SHAREHOLDERS TO RAISE FUNDS THROUGH CONVERTIBLE LOAN SETTING ASIDE PRE-EMPTIVE
RIGHTS OF SHAREHOLDERS.
    * COMPANY EXPECTS THAT IT WILL SEEK TO RAISE ADDITIONAL FUNDS DURING NEXT 12 MONTHS AND WILL
THEN
SEEK TO STRUCTURE SUCH OFFERING IN LINE WITH MARKET PRACTICE FOR CAPITAL RAISING

Source text for Eikon:  ID:nObijwbhja 
Further company coverage:  SOFTX.OL 

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