Ensurge Micropower ASA – Approval of share capital increase by conversion of convertible loans and exercise of subscription rights

Rhea-AI Summary

Ensurge Micropower ASA announces conversion of convertible loans and exercise of incentive subscription rights resulting in the issuance of new shares.

Positive

• None.

Negative

• The issuance of new shares may dilute existing shareholders' ownership in the company.

Oslo, 29 February 2024 

Reference is made to the Extraordinary General Meeting(“EGM”) held in Ensurge Micropower ASA (the "Company") on 10 November 2023 whereby the EGM resolved to issue convertible loans with total par value of NOK 4,500,000 (the “Convertible Loans”), whereby the Convertible Loans, plus accrued interest, were convertible into shares prior to the maturity date at a conversion price of NOK 0.105 per share.

Lenders of an aggregated total of NOK 1,500,000 of the Convertible Loans, have provided their notification of conversion to the Company and requested that their respective parts of the Convertible Loan, plus accrued interest, are converted into shares in the Company. 

The Board therefore resolved on 29 February 2024 to approve the conversion of NOK 1,500,000 of the Convertible Loans, plus accrued interest, and the resulting issuance of a total of 14,589,040 new shares in the Company. 

The Company has also received notice of exercise of 10,000,000 vested incentive subscription rights with an exercise price per share of NOK 0.10 from a former contractor of the Company, under the Company’s 2022 Subscription Rights Plan. 

The Board therefore resolved on 29 February 2024 to approve such exercise and the resulting issuance of 10,000,000 new shares in the Company. 

Upon registration of the share capital increases associated with the conversion of the convertible loans and the exercise of incentive subscription rights in the Norwegian Register of Business Enterprises, the Company’s share capital will be NOK 271,774,678.3 divided into 2,717,746,783 shares, each having a par value of NOK 0.10. 

For more information, please contact: 

Lars Eikeland, Chief Executive Officer E- mail: lars.eikeland@ensurge.com  

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

FAQ

What was the outcome of the Extraordinary General Meeting held by Ensurge Micropower ASA?

The EGM resolved to issue convertible loans totaling NOK 4,500,000 convertible into shares at a conversion price of NOK 0.105 per share.

How many new shares were issued by Ensurge Micropower ASA following the conversion of convertible loans?

A total of 14,589,040 new shares were issued by the company.

What triggered the issuance of 10,000,000 new shares by Ensurge Micropower ASA?

The exercise of 10,000,000 vested incentive subscription rights with an exercise price of NOK 0.10 per share by a former contractor.

What will be Ensurge Micropower ASA's share capital after the share capital increases?

The company's share capital will be NOK 271,774,678.3 divided into 2,717,746,783 shares, each with a par value of NOK 0.10.