New Issue: Valoe plans €5 million 8% three-year convertibles for clean energy plan

By Susanna Moon

Chicago, May 29 – Valoe Oyj said it plans to issue up to €5 million of 8% convertible bonds due Aug. 1, 2018.

The bonds can be converted to a maximum of 500 million new shares of the company with a subscription price of €0.01 per share, according to a company press release.

The minimum amount of subscription and one loan share is €100,000.

A promissory noteholder may participate in any future share issues arranged by the company in which the subscription period terminates at the latest on Aug. 1, 2018 by subscribing the shares at the subscription price that is 20% lower compared to the subscription price offered in the respective share issues, the company said.

One loan share of €100,000 allows the promissory noteholder to subscribe for 10 million new shares of the company.

The conversion period runs from Aug. 1 through August 1, 2018.

Based on the subscriptions made under the loan shares, the company will issue a maximum of 500 million new company shares. The company has one class of shares.

The company’s shares (Helsinki: VALOE) closed at €0.017 on May 29.

“The objective of the share issue is to collect capital to execute the clean energy business plan of the company,” the press release noted.

Valoe is a clean energy company based in Mikkeli, Finland.

Issuer:	Valoe Oyj
Issue:	Convertible bonds
Amount:	€5 million
Maturity:	Aug. 1, 2018
Coupon:	8%
Conversion price:	€0.01
Stock ticker:	Helsinki: VALOE
Stock price:	€0.017 at close May 29

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.