By Rebecca Melvin
New York, Jan. 19 – Valoe Corp. said it is issuing a €3 million two-year convertible bond, for which it has had subscription commitments of €2.65 million, according to a release.
The subscription price is €0.04 per share, and the bond, which will pay no interest, can be converted into a maximum of 75 million new shares of the company.
Valoe said the bond is being issued to strengthen its working capital situation and capital structure.
Out of the subscription commitments received, €1.65 million will be paid in cash and about €1 million will be subscribed by setting off loans.
The minimum subscription amount is €100,000, entitling the holder to subscribe for 2.5 million new shares of the company. The bond can also be subscribed against indisputable loan receivables of at least €100,000 the subscriber has from the company at the time of subscription by converting the loan capital and/or interest receivable into the convertible bond.
The subscription period expires on Jan. 29.
Valoe is a Mikkeli, Finland-based clean energy company specializing in automated production technology for solar modules.
| Issuer: | Valoe Corp.
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| Securities: | Convertible bonds
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| Amount: | €3 million
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| Maturity: | Dec. 15, 2022
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| Coupon: | No interest
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| Subcription expiration: | Jan. 29
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| Stock symbol: | HEL: VALOE
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