NOT FOR DISTRIBUTION OR RELEASE, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OF AMERICA, AUSTRALIA, CANADA, HONG KONG OR JAPAN, OR ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL
Oslo, 12 February 2020. An extraordinary general meeting of Hiddn Solutions ASA ("Hiddn" or the "Company") was held today. Minutes from the meeting is enclosed hereto.
As set out in the attached minutes, the Company's general meeting has approved the private placement of 41,666,666 new shares in the Company, raising gross proceeds of approximately NOK 50 million (the “Private Placement”), as announced by the Company on 20 January 2020. The Private Placement was directed at existing shareholders, including Tycoon Industrier AS which was conditionally allocated 20,000,000 shares, and new investors.
Further, the general meeting resolved to proceed with a subsequent offering of 25,000,000 new shares (the “Repair Offering”), raising an additional approximately NOK 30 million, in which shareholders of the Company as of close of trading on 17 January 2020, as recorded in the VPS on 21 January 2020, who were not allocated shares in the Private Placement, and who are not resident in a jurisdiction where such offering would be unlawful, or would (in jurisdictions other than Norway) require any prospectus filling, registration or similar action (“Eligible Shareholders”), will receive subscription rights. The subscription rights will be listed on the Oslo Stock Exchange and be tradable for parts of the subscription period. The subscription price in the Repair Offering is equal to the Private Placement, NOK 1.20 per share. The subscription period for the Repair Offering will commence as soon as a prospectus has been approved by the Norwegian Financial Supervisory Authority which is expected in February / March 2020. Further information concerning the Repair Offering will be published prior to commencement of the subscription period.
The 7,164,688 new shares in the Company issued in a private placement towards Tycoon Industrier AS on 19 December 2019 are currently issued in the VPS on a separate ISIN until and subject to the publication by the Company of the above mentioned listing prospectus to be approved by the Financial Supervisory Authority of Norway.
Following payment for the new shares and registration of the new share capital pertaining to the Private Placement and the Repair Offering with the Norwegian Register of Business Enterprises, expected to take place on or about the same date, the Company will have an issued share capital of NOK 89,908,757, divided into 89,908,757 shares, each with a par value of NOK 1.
For further information, please contact:
Jørgen Waaler,
CEO,
telephone: + 47 9059 0010,
e-mail: Jorgen@waaler.no
This information is subject to the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act.