By Devika Patel
Knoxville, Tenn., Feb. 22 - Ignis ASA said it took in NOK 30 million in a private placement of shares.
The company sold 10 million shares at NOK 3.00 per share.
The private placement was managed by ABG Sundal Collier.
Ignis issued 5,333,333 of the shares to Novel Centennial Ltd. The sale is conditional upon some shareholders voting for the election of a person nominated by Novel to Ignis' board of directors and of the election of a Novel representative to Ignis' nomination committee, according to a press release. Ignis said the condition is expected to be satisfied shortly.
Proceeds will be used to fund operational initiatives and increased working capital requirements resulting from a strong demand growth.
Lysaker, Norway-based Ignis delivers integrated fiber optical technologies and components to the telecommunications market.
| Issuer: | Ignis ASA
|
| Issue: | Stock
|
| Amount: | NOK 30 million
|
| Shares: | 10 million
|
| Price: | NOK 3.00
|
| Warrants: | No
|
| Manager: | ABG Sundal Collier
|
| Investor: | Novel Centennial Ltd. (for 5,333,333 shares)
|
| Settlement date: | Feb. 22
|
| Stock symbol: | Oslo: IGNIS
|
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