DRAWDOWN OF THE SECOND ADVANCE PURSUANT TO FINANCING ARRANGEMENT BETWEEN VALOE CORPORATION AND RIVERFORT
24 Septiembre 2021 - 1:45AM
DRAWDOWN OF THE SECOND ADVANCE PURSUANT TO FINANCING ARRANGEMENT
BETWEEN VALOE CORPORATION AND RIVERFORT
Valoe
Corporation Stock
Exchange Release 24 September 2021 at 9.45 Finnish time
Further to the announcement of 30 July 2021,
Valoe Corporation (“Valoe”) has completed the drawdown of the
Second Advance of EUR 1,000,000, pursuant to the terms and
conditions of the Financing Agreement between Valoe and RiverFort
Global Opportunities Pcc Limited (“RiverFort”). Valoe intends to
use the proceeds of the Second Advance to further advance its core
business.
Following the drawdown of the Second Advance
Valoe will grant 2,808,989 warrants to RiverFort. Valoe has settled
transaction fees of EUR 90,000 by the transfer of a total of
1,011,236 treasury shares.
Valoe and RiverFort have separately agreed to
reduce the outstanding balance of the Initial Advance by EUR
500,000 through RiverFort electing to subscribe for shares in
Valoe. The subscription price is EUR 0.08 per share and Valoe
transfers 6,250,000 treasury shares to RiverFort.
Gytis Martinkus, CEO of RiverFort Group says:
"We are happy to continue working alongside Valoe. The operations
of Valoe are impressive and are being driven forward by an
experienced team. In proceeding with the funding of the Second
Advance we were pleased to be able to also simultaneously subscribe
equity in Valoe”.
Iikka Savisalo, CEO, Valoe Oyj concludes: ”Valoe
has been proceeding with the growth of our operations in accordance
with our plans. We intend to deploy the additional working capital
to drive towards our objective to have clean solar electricity
available for everyone everywhere. We are delighted in the vote of
confidence from RiverFort in completing the Equity Subscription as
we strive towards the position as the global technology leader in
the Vehicle Integrated PV.”
After the above-mentioned transfers, Valoe will
have in total 13,721,653 treasury shares.
In Mikkeli, 24 September 2021
Valoe Corporation
BOARD OF DIRECTORS
For more information:CEO Iikka Savisalo, Valoe
CorporationTel. +358 405216082email: iikka.savisalo@valoe.com
Distribution:Nasdaq Helsinki OyMain
mediawww.valoe.com
Valoe Corporation specializes in the clean
energy, especially in photovoltaic solutions. Valoe provides
automated production technology for solar modules based on the
company’s own technology; production lines for modules; solar
modules and special components for solar modules. Valoe's head
office is located in Mikkeli, Finland.
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