Element ASA ('Element') and Alpha Blue Ocean ('ABO') have agreed to postpone tranche 2 of the 500 MNOK facility from 31st August 2018 until 25th September 2018. Furthermore, ABO has committed to limit its participation in the stock for a period of 6 months.

1. 1 Utskriftsdato 6.9.2018
Element ASA
Innsendt dato: 30.08.2018 06:55
UtstederID: ELE
MeldingsID: 458357
Instrument: ELE - Intex Resources
Marked: OB
Kategori: INNSIDEINFORMASJON
Informasjonspliktig: Ja
Lagringspliktig: Ja
Vedlegg: ABO announcement.pdf
Tittel: Element postpones tranche 2 of the convertible loan facility
with warrants
ELEMENT ASA ('ELEMENT') AND ALPHA BLUE OCEAN ('ABO') HAVE AGREED TO POSTPONE TRANCHE 2
OF THE 500 MNOK FACILITY FROM 31 AUGUST 2018 UNTIL 25 SEPTEMBER 2018. FURTHERMORE, ABO
HAS COMMITTEED TO LIMIT ITS PARTICIPATION IN THE STOCK FOR A PERIOD OF 6 MONTHS.
"We are very pleased with the flexibility shown by ABO. ABO yet again shows that they
are serious about the expressed intention of being a long-term financing partner for
Element," says Lars Beitnes, Chairman in Element.
Element and ABO has entered into a side letter to the MNOK 500 Convertible Loan
Facility with Warrants approved by the EGM on 6 June 2018, postponing the second MNOK
50 tranche with warrants until 25 September 2018. Furthermore, ABO undertakes to
formalize restrictions on its selling volume to a maximum of 10% of the total trading
volume for a period of 6 months, as long as the share price is less than NOK 4.50 per
share. The parties have not agreed to any restrictions on the buying volume in the
side letter.
"ABO shows that they have an interest in contributing to an increased share price in
Element. As we have previously emphasised, ABO is incentivised to contribute to an
increased share price through the warrant pricing mechanisms, unlike many other
convertible facilities used by other market participants. The amended terms assure
Element and its shareholders that ABO's long-term interest is reflected in the short-
term trading as well," says Cecilie Grue, CEO in Element.
For further information, please contact:
Cecilie Grue
Chief Executive Officer
Telephone: +47 991 62 486
E-mail: cg@elementasa.com
Lars Beitnes
Chairman
Telephone: +356 7996 1497
E-mail: lcb@elementasa.com
ABOUT ELEMENT | www.elementasa.no
Element is an innovative project investment company within the mineral sector, which
continuously strives to create shareholder value at the lowest possible risk. The
company has as strategy to identify undervalued projects, closing in on cash flow,
where infrastructure and other basic work, if necessary, have in large, been
completed. The company's special focus is linked to projects within new, and usually
ground-breaking technology, within its niches.