Reference is made to the stock exchange notice dated 30 December 2021 where it was announced that Quantafuel ASA ("Quantafuel") takes full ownership of UK project developments. As set out in such stock exchange notice, the transaction value was to be paid in cash or shares at Quantafuel’s discretion, split in three performance-based tranches (each a "Tranche") related to Proof-of-Concept in Skive and the establishment of new UK plants, with a total value of up to NOK 51.5 million.
As communicated to the market on 28 March 2022, Quantafuel has obtained Proof of Concept with respect to its production plant in Skive. Accordingly, the conditions for settlement of the first Tranche, being in the amount of NOK 19,500,000, have been met. Quantafuel has decided to settle its payment obligation under the first Trance in shares in Quantafuel.
On this background the board has today resolved to issue 800,000 shares to Midas Group AS at a subscription price per share of NOK 0.01 (par value), thereby settling the first Tranche in full. As set out in the stock exchange notice dated 30 December 2021 the shares are being issued under Quantafuel board's current authority to increase the share capital.
The share issue will result in an increase of the Company's share capital of NOK 8,000. Upon completion of the share issue, the Company's share capital will be NOK 1,658,285.13, divided on 165,828,513 shares with a par value of NOK 0.01 each.
For further queries, please contact:
Lars Rosenløv, CEO +47 93018040
Kristian Flaten, CFO +47 95092322
About Quantafuel | https://quantafuel.com
Quantafuel is a technology-based energy company converting waste plastics back into low-carbon synthetic oil products replacing virgin oil products. Quantafuel is establishing, operating and owning dedicated plastic-to-liquid (PtL) plants and plans to establish several plants throughout Europe and beyond.
This information is subject of the disclosure requirements pursuant to section 4.2.4 of the Euronext Growth Oslo Rule Book - Part II of 1 March 2022.
This stock exchange announcement was published by André Moe Bakke, IR, on 6 April 2022 at 14:20 CET.