On 10 March 2025, the Company and Heights entered into a Commitment Letter with an accompanying term sheet for an amendment agreement whereby the terms of the Convertible Bond will be amended such that, inter alia, (i) the principal amount of the Bonds will be reduced by 25% (which would result in an aggregate principal amount under the Bonds of NOK 49,980,000), (ii) subject to the Company’s consummation of any further equity raise on market terms by no later than 31 December 2025, the principal amount of the Bonds would be reduced by a further 25% (which would result in an aggregate principal amount under the Bonds of NOK 33,320,000), (iii) the conversion period shall be the period from (and including) 1 September 2025 to (and including) the date falling two Oslo business days prior to the Final Maturity Date, provided that if, at any time the market price of the share in the Company is NOK 0.10 or more, the Bondholder shall be permitted to exercise its Conversion Rights under the Bonds for so long as such price is maintained, (iv) the conversion price is reset to be NOK 0.065 and the minimum prevailing market price is reset to be NOK 0.01, (v) any provisions under the Bonds relating to the Bondholder’s rights to exercise Amortised Payment Advancements shall not apply and will be deleted in their entirety.
SUBSEQUENT OFFERINGThe Board will also propose that the EGM approves a subsequent repair offering of new shares ("Subsequent Offering”) directed towards existing shareholders in the Company as of 10 March 2025 (as registered in the VPS two trading days thereafter), who, (i) are not participating in the Loans and are not allocated new shares in the Debt Conversion, and (ii) are not resident in a jurisdiction where such offering would be unlawful or, would (in jurisdictions other than Norway) require any prospectus, filing, registration or similar action.
The Subsequent Offering remains subject to among other things (i) completion of the Debt Conversion, (ii) relevant corporate resolutions, including approval by the Board and EGM, (iii) the prevailing market price of the Company's shares being higher than the Subscription Price, and (iv) publication of the Prospectus, as approved by the Financial Supervisory Authority.
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