Sandnes, Norway, 22 February 2024: CEO in Desert Control AS' ("Desert Control"
or the "Company"), Ole Kristian Sivertsen and participant in the Company's share
incentive program have on 22 February 2024 exercised a total of 200,000
subscription rights at a strike price of NOK 0.003. Each subscription gives a
right to subscribe one share in the Company. The Company has resolved to settle
80,000 options with cash consideration to allow the beneficiary to settle taxes.
After the tax settlement, the Company shall deliver a total of 120,000 shares to
Ole Kristian Sivertsen.
The rights exercised will be settled by issuance of new shares in the Company.
Following the exercise, the Board of Directors, pursuant to the authorization
granted by the Company's Annual General Meeting, has decided to increase the
Company's share capital by NOK 360 by issuing 120,000 new shares of par value
NOK 0.003. Subsequent to the transaction, Desert Control's share capital will be
NOK 160,883.93 divided into 53,627,977 shares, each share having a par value of
NOK 0.003 and carrying one vote in the Company's general meeting.
The 200,000 rights are exercised by a primary insider of the Company, Ole
Kristian Sivertsen, CEO. Primary insider notifications pursuant to the market
abuse regulation article 19 are attached.
For further information, please contact:
Leonard Chaparian, Chief Financial Officer
+ 47 90 66 55 40
leonard.chaparian@desertcontrol.com
About Desert Control
Desert Control specializes in climate-smart AgTech solutions to combat
desertification, soil degradation, and water scarcity. Its patented Liquid
Natural Clay (LNC) restores and enhances soil ecosystems to reduce water usage
and improve the efficiency of fertilizers and natural resources for agriculture,
forests, and green landscapes. LNC enables sandy and arid soil to retain water
and nutrients, thus increasing crop yields, plant health, and ecosystem
resilience while preserving water and natural resources by up to 50%.
For more about Desert Control, visit https://www.desertcontrol.com
This information is subject to the disclosure requirements pursuant to the
market abuse regulation article 19 and 5-12 of the Norwegian Securities Trading
Act.