By Lisa Kerner
Charlotte, N.C., July 16 – REC Silicon ASA announced its private placement of 230 million new ordinary shares was significantly oversubscribed and closed on Thursday.
The shares were priced at NOK 1.55 per share for gross proceeds of NOK 356.5 million, according to a news release.
Umoe AS, a company controlled by Jens Ulltveit-Moe and a primary insider, was allocated 60 million new ordinary shares.
Settlement is expected to occur on or about July 20. The new shares will be tradeable on or about July 22.
Net proceeds will be used to strengthen REC’s balance sheet and liquidity position, as well as for general corporate purposes.
Arctic Securities AS and Swedbank Norge, branch of Swedbank AB, acted as managers for the transaction.
The company announced on July 15 its plan to place up to 230 million of new ordinary shares in the range of NOK 1.50 per share.
REC Silicon is a Sandvika, Norway-based producer of advanced silicon materials, delivering high-purity polysilicon and silane gas to the solar and electronics industries worldwide.
| Issuer: | REC Silicon ASA
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| Issue: | New ordinary shares
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| Gross proceeds: | NOK 356.6 million
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| Shares: | 230 million
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| Price: | NOK 1.55 per share
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| Closing date: | July 16
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| Settlement date: | July 20
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| Managers: | Arctic Securities AS; Swedbank Norge, a branch of Swedbank AB
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| Distribution: | Private placement
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