Reference is made to the stock exchange announcements on 6 May 2018 regarding a
new zero coupon NOK 500 million convertible note facility with attached warrants
(the "New Convertible Note Facility") entered into with Alpha Blue Ocean
Advisors Ltd. ('ABO'), on 15 May 2018 regarding, inter alia, entry into
definitive agreements for the Convertible Note Facility and on 6 June 2017
regarding approval by the general meeting of necessary resolutions related to
the New Convertible Note Facility and draw down of the first tranche of MNOK 50
under the New Convertible Note Facility.
ABO has converted MNOK 7,000,000 of the New Convertible Note Facility at a
conversion price of NOK 2.8 per share. As a consequence of the conversion the
Company's share capital has been increased by NOK 200,000 through issuance of
2,500,000 new shares, each with a par value of NOK 0.08. The share capital
increase is registered in the Norwegian Register of Business Enterprises. The
Company's new share capital is NOK 6,720,979.28 divided by 84,012,241 shares,
each with a par value of NOK 0.08. Each share gives one vote at the Company's
The new shares will be listed and made tradable immediately.
This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
For further information, please contact:
Chief Executive Officer
Telephone: +47 991 62 486
Chairman of the Board of Directors
Telephone: +356 7996 1497
Element is an innovative project investment company within the mineral sector,
which continuously strives to create shareholder value at the lowest possible
risk. The company has as strategy to identify undervalued projects, closing in
on cash flow, where infrastructure and other basic work, if necessary, have in
large, been completed. The company's special focus is linked to projects within
new, and usually ground breaking technology, within its niches.