Tasnee invests USD 4.1m in Australia’s Dyesol

Feb 28, 2013 - Australian dye solar cell (DSC) maker Dyesol Ltd (ASX:DYE) said today that it had received an AUD-4-million (USD 4.1m/EUR 3.1m) investment from industrial group The National Industrialization Company of Saudi Arabia, or Tasnee.

The investment came in the form of 15-month redeemable loan notes, convertible into Dyesol shares at a price of AUD 0.166 per share and with a zero coupon.

Under the terms of the deal, Tasnee will have an initial six-month exclusivity period to discuss various partnerships and investment opportunities with Dyesol, with a focus on research and development, utility-scale power generation and development of demonstration projects in the Middle East.

As part of the agreement, Tasnee will be able to invest a total of AUD 20 million in Dyesol, buying shares at a preset price of AUD 0.18 per share during the first six months of the agreement. Any investment beyond 20% ownership in Dyesol would require shareholder approval.

Additionally, Dyesol plans to raise a further AUD 2 million through a share purchase plan (SPP) priced at AUD 0.166 per share. Proceeds from the SPP would be used to make joint investments with Tasnee.

(AUD 1 = USD 1.027/EUR 0.781)

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