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SunMirror AG / Key word(s): Bond
SunMirror AG: SunMirror AG plans to issue a mandatory convertible bond
22-Oct-2021 / 15:47 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
Publication of insider information pursuant to Article 17 of the EU Market Abuse Regulation (MAR)
SunMirror AG plans to issue a mandatory convertible bond
Zug, Switzerland: 22 October 2021 - SunMirror AG ("SunMirror"; MTF Vienna Stock Exchange: ROR1; Open Market Düsseldorf Stock Exchange: ROR; ISIN CH0396131929) plans to issue a mandatory convertible bond with intended gross proceeds of EUR 20 million. The conversion price is expected to be in the range of approximately EUR 70 per share. The volume is to be subscribed to by selected institutional investors as part of a private placement. Together with the planned capital increase of up to EUR 70 million through the issuance of up to 1 million new shares at an expected issue price of EUR 70 per share (see ad hoc announcement dated 7 January 2021), SunMirror would generate total gross proceeds of up to EUR 90 million.
Information and Explanation of the Issuer to this News:
Explanatory section
On 26 August 2021, SunMirror AG announced that it plans to acquire Latitude 66 Cobalt Oy ('Lat 66') through its wholly owned subsidiary SunMirror Luxembourg S.A. and that this acquisition is, among other factors, subject to the condition precedent that SunMirror Group raises additional capital in the volume of EUR 70 million by 30 November 2021. This capital is to be raised in the course of November 2021 through a capital increase in the volume of up to EUR 70 million by issuing up to 1 million new shares from authorised capital at an issue price of presumably EUR 70 per share with a lock-up period of one year (see ad hoc announcement dated 7 January 2021) excluding the subscription rights of shareholders.
SunMirror has agreed with potential investors that the investors to whom the new shares are allotted under the aforementioned planned share capital increase will undertake to grant the shareholders of SunMirror AG the opportunity to acquire shares from the respective investors at the placement price agreed as part of the share capital increase. This is intended to place the existing shareholders essentially in the same position retrospectively as if they had been granted a pro rata subscription right.
The issue of a mandatory convertible bond planned for after the capital increase, excluding shareholders' subscription rights and with targeted gross proceeds of EUR 20 million, is intended to further strengthen the SunMirror Group's financial resources and provide scope for further acquisitions.
About SunMirror AG
The Group invests into pre-production mineral exploration assets with a focus on battery metals, iron ore and gold deposits in developed markets for the purpose of evaluation and exploration with the aim to either produce minerals at a later stage or sell those properties. The company's shares (ISIN CH0396131929) are listed on the Vienna Stock Exchange (ticker: ROR1) and the Düsseldorf Stock Exchange. For further information, please visit: www.sunmirror.com.
Press contact
edicto GmbH
Doron Kaufmann/Ralf Droz
Phone: +49 69 905505-53
sunmirror@edicto.de
Eschersheimer Landstraße 42 - 44
60322 Frankfurt/Main
Germany
22-Oct-2021 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
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