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Renewable Energy Corporation’s (REC) board of directors has proposed an additional sum of NOK75 million (approx. US$12 million) to the Extraordinary General Meeting (EGM). The company states that all investors that participated in the private placement have agreed to the final gross proceeds of NOK375 million (approx. US$62 million).
The additional sum was directed towards existing shareholders of REC as of June 21, 2012 (as documented by the shareholder register in the VPS as of June 26, 2012), who were not invited to participate in the private placement. Each existing share held as of this date will give the eligible holder a right to subscribe for approximately 0.58 new shares in the company. The subscription rights will not be tradable. Oversubscription will be allowed affirms REC.
The company expects the subscription period for the additional sum to commence in August/September 2012. This is of course conditional upon completion of the private placement and hence also on the fulfillment of the previously announced conditions for the completion of the private placement.
The company expects to publish the EGM notice on or about June 29, 2012 and the EGM is expected to meet on July 20, 2012.