In This Article:
Oslo, 15 February 2023
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO AUSTRALIA, CANADA, HONG KONG, JAPAN OR THE UNITED STATES OR ANY OTHER JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL. THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER OF ANY OF THE SECURITIES DESCRIBED HEREIN.
Reference is made to the stock exchange announcement published on 9 February 2023 by Ensurge Micropower ASA ("Ensurge" or the "Company") regarding a contemplated private placement (the "Private Placement") of new shares in the Company (the "Offer Shares"). Ensurge is pleased to announce that the Private Placement has been successfully placed, through an allocation of Offer Shares at a subscription price of NOK 0.10 per Offer Share, being the attained book building price, for total gross proceeds of approximately NOK 50 million. The net proceeds from the Private Placement will be used to fund the Company's operations and development work going forward. The Private Placement is subject to approval from an Extraordinary General Meeting in the Company, to be called and held on or around 9 March 2023 (the “EGM”).
As the current par value of the Company’s share exceeds the proposed subscription price in the Private Placement, the Private Placement is also conditional upon the EGM approving a share capital reduction by reduction of the par value per share so that such par value, prior to the resolution by the EGM on the Private Placement, has been resolved to be equal to or lower than the subscription price in the Private Placement.
Moreover, the Offer Shares will not be tradable on Oslo Børs until a listing prospectus (the "Prospectus") has been approved by the Financial Supervisory Authority of Norway (the "FSA") and will be issued on a separate ISIN until the Prospectus has been approved and published.
Further, the Company has secured interim financing to bridge the Company to the upcoming EGM.
Ensurge Micropower in brief
Ensurge is Energizing Innovation (TM) with ultrathin, flexible, and safe energy storage solutions for wearable devices, connected sensors, and beyond. Ensurge's innovative solid-state lithium battery (SSLB) technology is uniquely positioned to enable the production of powerful, lightweight, and cost-effective rechargeable batteries for diverse applications. The company's state-of-the-art flexible electronics manufacturing facility, located in the heart of Silicon Valley, combines patented process technology and materials innovation with the scale of roll-to-roll production methods to bring the advantages of SSLB technology to established and expanding markets. Ensurge Micropower ASA ("Ensurge") is a publicly listed company in Norway with corporate headquarters in Oslo and global headquarters in San Jose, California.