Valoe lifts two-year convertible bonds to €3.4 million

By Rebecca Melvin

New York, Jan. 29 – Valoe Corp. said it is increasing its two-year convertible bond by €400,000 to €3.4 million, according to a release.

The bond was announced on Jan. 19, at which time it had subscription commitments of €2.65 million. The subscription period expired on Friday.

The company also amended the terms of the bond so that the bond can be converted to new shares of the company or the treasury shares held by the company. As a result, the bond shall be converted to a maximum of 85 million new shares of the company or treasury shares.

Based on the bond, the company will issue a maximum of 77.5 million new shares, which is higher compared to a maximum of 75 million initially, and a maximum of 7.5 million treasury shares. The other terms of the bond remain unchanged.

As previously reported, the subscription price is €0.04 per share, and the bond will pay no interest.

Valoe said the bond was issued to strengthen its working capital situation and capital structure.

Valoe is a Mikkeli, Finland-based clean energy company specializing in automated production technology for solar modules.

© 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.