Norsk Renewables issues new stock to fund corp needs

Norsk Renewables AS (FRA:62L), formerly known as Norsk Solar, aims to boost the funds raised in a recent private placement by conducting a subsequent offering targeting almost NOK 7 million (USD 652,000/EUR 602,000).

The subscription period for the placement was initiated on Monday, the independent renewable power producer and energy storage provider said in a regulatory filing.

Norsk Renewables issued 120.9 million new shares in the initial transaction at NOK 0.30 apiece. Up to 23.2 million new shares of the company will be offered in the follow-up offering at the same price. Each eligible shareholder will be granted 1.785574 subscription rights for every existing share held in the company. Those will give shareholders the right to subscribe for one share in the subsequent offering, which is due to be completed on April 19.

As previously announced, the raised funds will be allocated to support Norsk Renewables’ general corporate needs.

The newly-issued stock will trade on Euronext Growth Oslo, with dealings set to start around May 2.

(NOK 1.0 = USD 0.931/EUR 0.860)

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