Oslo, 18 April 2023
Reference is made to the announcement by Nordic Technology Group AS ("NTG") on 13 April 2023 regarding the contemplated private placement (the "Private Placement") of CrayoNano AS ("CrayoNano"), in which NTG has applied for new shares.
CrayoNano today announced that the Private Placement was successfully placed at a price per new share of NOK 14.00, raising gross proceeds of approximately NOK 125 million. NTG has been allocated 1,097,193 new shares in respect of the conversion of its approx. NOK 15,3 million attributable amount related to a bridge loan (the "Bridge Loan") afforded to CrayoNano earlier this year. In addition, NTG has been conditionally allocated 142,857 new shares in CrayoNano corresponding to a cash subscription amount of approx. NOK 2 million in the Private Placement, which, together with the Bridge Loan conversion, in aggregate amounts to an approx. NOK 17.3 million investment by NTG, corresponding to 1,240,050 new shares in CrayoNano in the Private Placement.
Subject to the completion of the Private Placement and assuming full allocation, NTG will subsequently hold 5,390,760 shares in CrayoNano, representing 14.44% of the share capital and voting rights. As part of the Private Placement, NTG has entered into a lock-up undertaking in which NTG commits not to divest its shares in CrayoNano for a period of 12 months, subject customary exemptions.
In connection with the indemnity undertaking provided on behalf of CrayoNano to the managers of the Private Placement, NTG will be entitled to receive a commission of NOK 2,499,882.
Completion of the Private Placement remains subject to certain conditions related to the subscription by the European Innovation Council (EIC) fund, and furthermore (i) the conversion of the Bridge Loan having taken place, (ii) the annual general meeting of CrayoNano (the "AGM") resolving to approve the Private Placement and issue the new shares in CrayoNano, (iii) payment being received for all of the new shares in CrayoNano, (iv) the board of directors of CrayoNano (the "Board") and the AGM approving the an option scheme to be implemented by CrayoNano, including the AGM authorizing the Board to issue the corresponding shares and (v) registration in the Norwegian Register of Business Enterprises of the share capital increase pertaining to the Private Placement and the allocated new shares in CrayoNano being validly issued and registered in the VPS.
CrayoNano has further announced, subject to certain conditions, that it will carry out a subsequent offering of up to 1,785,714 new shares at the offer price in the Private Placement, directed towards existing shareholders in the Company as of 18 April 2023 not being allocated shares in the Private Placement, subject to certain qualifications.
For more information about the Private Placement, please refer to the announcements by CrayoNano on Euronext NOTC dated 11 April 2023 relating to the launch of the Private Placement, on 13 April 2023 regarding coverage of the minimum deal size and on 18 April 2023 regarding the Private Placement being successfully placed.
For information about CrayoNano, please refer to https://crayonano.com/investors.
For further information, please contact:
Group CEO Rune Rinnan
Chair CrayoNano AS
About Nordic Technology Group
Nordic Technology Group (NTG) is dedicated to technologies contributing to solve society challenges by using electronics and software as its building blocks. By devotion to its technology segments, sensor, nanomaterials and clean-tech, NTG is targeting international markets and building industry leaders, by utilizing synergies within and across each of its technology sectors and by leveraging on its extensive patent library to secure shareholder value and growth.