Photocat A/S (publ) today announces that it has completed a private placement of 1,251,072 new shares. The following investors participated in the issue: Strategic Investments A/S, Lars Ole Kornum ApS, Fonden CAPNOVA Invest Zealand, Mette Therkildsen (Chairman of the board, Photocat A/S) and Michael Humle (CEO, Photocat A/S). The direct issue provides Photocat A/S with SEK 6 million in cash and converts debt in the amount of SEK 2.8 million to equity.
The Board of Directors in Photocat A/S has utilized an authorization in the Company’s articles of association to complete a private placement without pre-emptive rights for the current shareholders. The issue has been completed at a price of SEK 7.10 pr. share with a nominal amount of DKK 1 each.
The funds will be used to realize the growth expectations, provide a cash base as well as restructure the balance sheet in order to lower debt and financial expenses.
The placement increases Photocat’s share capital from DKK 3,248,928 to DKK 4,500,000.
Existing shareholders will see a dilution of approximately 27.8 percent after completion of this private placement.
The information in this press release requires Photocat A/S to publish the information in accordance with the EU Market Abuse Regulation and the Securities Market Act. The information was submitted for publication on 6 February 2019 at 08:28 CET.
Photocat manufactures patented coating materials for both outdoor and indoor applications with the effect to degrade NOx and VOC´s when exposed to light. Both NOx and VOC’s are severely damaging to human health. Photocat’s patented technology is a very efficient and an economically viable alternative to many of the traditional technologies targeting NOx (e.g. bus catalysts, flue gas cleaning etc.). Photocat’s shares are listed on Nasdaq Stockholm, First North with the ticker symbol PCAT. The company’s Certified Advisor is Mangold Fondkommision AB, 08-50301550.