Key points
- The Rights Issue will raise a minimum of NOK 5 million and a maximum of the NOK equivalent of EUR 1 million.
- The subscription price is NOK 2 per share, with 5.5 million new shares on offer.
- The subscription period is expected to run from 25 February 2025 to 11 March 2025, with a Record Date of 21 February 2025.
- Fearnley Securities AS is manager for the Rights Issue and Advokatfirmaet Schjødt AS is legal advisor to the Company.
Oslo 18 February 2025: Reference is made to the stock exchange announcements made by Green Minerals AS («GEM» or the «Company») on 18 February 2025 in respect of preliminary results for 2024 and progress on commercial development.
GEM is pleased to announce that the board and certain new and existing large shareholders of the Company have agreed to the terms and conditions of an underwritten rights issue (the «Rights Issue») whereby the Company will raise a minimum of NOK 5 million and a maximum of the NOK equivalent of EUR 1 million at a subscription price of NOK 2 per share (the «Subscription Price») in GEM, of which the minimum amount is underwritten.
The net proceeds from the Rights Issue will be used to strengthen the Company’s working capital.
The Rights Issue
The Rights Issue has been resolved and will be completed by the Company’s board pursuant to an authorization provided by the AGM on 28 May 2024. The Rights Issue will be made in reliance on an exemption from any prospectus requirement as the aggregate proceeds will be less than the equivalent of EUR 1 million.
A total of 5,5 million new shares will be offered in the Rights Issue at the Subscription Price.
Shareholders of the Company as of 19 February 2025, as registered as such in the Company’s shareholders’ register in the Norwegian Central Securities Depository (VPS) on 21 February 2025 (the «Record Date») will be granted subscription rights («Subscription Rights») in proportion to the number of existing shares registered in the Company’s shareholders register at the Record Date. Each Subscription Right will, subject to applicable securities laws, give the right to subscribe for and be allocated one new share in the Rights Issue. Over-subscription with Subscription Rights will be allowed. Subscription without Subscription Rights will be permitted. The Subscription Rights will be transferable, but no arrangement will be made for their tradability.
The Company’s shares will trade exclusive of Subscription Rights on 20 February 2025, and the Record Date for the Rights Issue will be 21 February 2025. According to the current timetable, the subscription period for the Rights Issue is expected to commence on 25 February 2025 and to end on 11 March 2025. Any changes to this subscription period will be duly announced.
Shareholders in the Company will be alerted through VPS of their rights and can subscribe in the Rights Issue directly through VPS. Investors may also access information about the Rights Issue, including the placement of subscriptions, through the “Transactions” section on the website of Fearnley Securities, www.fearnleysecurities.com, commencing at the start of the subscription period.
The Underwriters have, subject to certain customary conditions, underwritten the minimum amount of the Rights Issue and thereby committed to subscribe for shares offered in the Rights Issue and not subscribed for during the subscription period up to the minimum amount of the Rights Issue. An underwriting fee of 2.0 per cent will be paid on the basis of the underwriting commitment by each Underwriter, payable in cash.
Advisors
Fearnley Securities AS has been retained as manager for the Rights Issue. Advokatfirmaet Schjødt AS is legal advisor to the Company.
