Company Announcement 17 August 2016 at 1 p.m. (CEST)
Savo-Solar Plc increases its bridge loan financing
Referring to Savo-Solar Plc's ("Savo-Solar" or the "Company") company announcement released on 21 June 2016, the Company has increased its bridge loan financing by EUR 170 thousand. The bridge loan lender is the Finnish Innovation Fund Sitra ("Sitra").
Due to a delay in a current customer project, an additional bridge loan financing of EUR 170 thousand ("Bridge loan") has been raised by Savo-Solar as working capital until the proceeds of the planned rights issue are expected to be received in September 2016. The Company has earlier raised a bridge financing of EUR 0.9 million.
Sitra has the possibility to convert the Bridge loan including any interest accrued into new shares in the planned rights issue. The interest rate on the Bridge loan amounts to 3.75 per cent. Sitra is the main owner and a public fund, whose mission is to promote the Finnish economy's qualitative and quantitative growth, stable and balanced development as well as international competitiveness and cooperation.
For more information:
Managing Director Jari Varjotie
Phone: +358 400 419 734
Savo-Solar Plc. discloses the information provided herein pursuant to the Securities Markets Act and/or the Financial Instruments Trading Act. The information was submitted for publication by the aforementioned person on 17 August 2016 at 1 p.m. CEST.
Savo-Solar in brief
Savo-Solar with its highly efficient collectors and large-scale solar thermal systems has taken solar thermal technology to the next level. The company's collectors are equipped with the patented nano-coated direct flow absorbers, and with this leading technology, Savo-Solar helps its customers to produce competitive clean energy. Savo-Solar's vision is to be the first-choice supplier to high performance solar installations on a global scale. Focus is on large-scale applications like district heating, industrial process heating and real estate systems - market segments with a big potential for rapid growth. The company primarily delivers complete systems from design to installation, using the best local partners. Savo-Solar is known as the most innovative company in the business, and aims to stay as such. The company has sold and delivered its products to 18 countries on four continents. Savo-Solar's shares are listed on Nasdaq First North Sweden with the ticker SAVOS and on Nasdaq First North Finland with the ticker SAVOH. www.savosolar.fi.
The company's Certified Adviser is Mangold Fondkommission AB, phone: +46 8 5030 1550.