Last month, Heliospectra got a USD 1.6 Million Credit Facility From Its principal owners: Weland Stål AB, Agartha AB (formerly ADMA Förvaltnings AB), and Corresponding New Technology AB. The purpose of the loans is to strengthen the company’s liquidity and working capital.
“High investments in combination with low sales figures have resulted in a strained liquidity situation. To secure liquidity in the short term, Heliospectra’s three main owners – Weland Stål AB, Agartha AB, and Corespring New Technology AB, granted Heliospectra an unlimited credit facility in Q1 that extends to the publication of the Year End Report 2022.” Comments Heliospectra’s CEO, Bonny Heeren in their financial results presentation “The credit facility provides us and the Board time to secure funding and liquidity in the long term and the ability to strategically invest to secure our position in the market.”
Today, the company announced in a press release, where, following the authorization given by the annual general meeting held on the 19th of May 2022, resolved on issuing roughly SEK 25.9 million shares (USD 2.8 million) to four of company’s main shareholders: Weland Stål AB, Agartha, Weland Värdepapper AB and Corresponding New Technology AB at a subscription price of SEK 1.253 per share. The issue fund has been paid by set-off of the remaining loans, in a total of approximatively SEK 25.9 million in claims that the Principal Owners had against the company.
The principal owners have, in accordance with the issued credit facility, as of today provided four short-term loans to the Company with a total debt amount including interest, amounting to a total of SEK 25,929,686.26. Under the terms of said loan, the Principal Owners had the opportunity to set-off (A set-off clause is a legal clause that gives a lender the authority to seize a debtor’s deposits when they default on a loan or, it can also refer to a settlement of mutual debt between a creditor and a debtor through offsetting transaction claims) their claims in a new issue of shares. Such an appeal has now taken place and the board of directors has carried out the Directed Issues. The price of subscription is market-based.
According to the press release, the company states that “The reason for the deviation from the shareholders’ preferential rights is an opportunity to raise capital on favourable terms in order to strengthen the company’s liquidity and working capital in a time and cost-effective manner, which has been of material importances for the company’s management given the severe financial situation of the Company.