Bawat: Receives subscription commitments for directed share issues and signs final term sheets with Nefco
Today, Bawat announced that the company has received subscription commitments for directed share issues of SEK 18.8m to match the first tranche of Nefco-financing and signed final term sheets with Nefco.
In line with Bawat’s earlier announcements, Bawat today provides an update on its financing plan. The company has now received binding subscription commitments of SEK 18.8m (subscription price of SEK 1.60 per share), conditional upon Bawat’s final approval from Nefco’s Board related to the Nefco-financing.
Indicatively, the directed share issue will be divided into two separate share issues. One share issue is to external investors including two family offices as anchor investors, conditional on being resolved by Bawat’s Board of Directors, and another share issue is to certain persons within the Board and Management, subject to a resolution by a general meeting of Bawat.
Bawat also announces that the total financing commitment from Nefco is confirmed in signed term sheets with a loan amount of approx. SEK 25m (EUR 2.3m), which is divided into two tranches. The first loan tranche is approx. SEK 15m, to be disbursed in H1 2023, and the second tranche is a convertible loan of approx. SEK 10m in 2024. The Nefco-financing is subject to be matched with equity at a minimum 1:1 ratio (now fulfilled for the first tranche and partly fulfilled for the second tranche of approx. 40% matched through the SEK 18.8m directed share issues).
In total, the directed share issues and the Nefco-financing (both tranches) will total up to approx. SEK 50m if fully fulfilled. Bawat expects final approval from Nefco regarding the Nefco-financing in late April 2023.
Read the full announcement with all details here: https://view.news.eu.nasdaq.com/view?id=b6294eb1e96f45fce4ceaba1c42a104a8&lang=en&src=listed
Earlier today, Bawat postponed its annual general meeting and its publication of the annual report. The annual general meeting is postponed to 7 June 2023, and the annual report will be published no later than three weeks before the annual general meeting.
Disclaimer: HC Andersen Capital receives payment from Bawat for a DigitalIR/Corporate Visibility agreement. /Kasper Lihn 17:27, 17 April 2023.
Bawat Water Technologies
Bawat Water Technologies är verksamma inom sjö- och industrisektorn. Bolaget tillhandahåller värmebaserade BWMS-system som används för ballastvattenbehandling. Systemet lämpar sig för fartygslösningar ombord och för containeranläggningar. Idag innehar bolaget verksamhet på global nivå med störst närvaro inom Norden och Europa. Bawat Water Technologies grundades 2011 och har sitt huvudkontor i Stockholm.
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