Company Announcement, Insider information
The Board of Directors of
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN PART, DIRECTLY OR INDIRECTLY, IN
Following the company announcement on
- Approximately
EUR 5.5 million before transaction costs is expected to be raised in the Offering if fully subscribed. - The Company is offering up to 1,301,205 new shares in the Company for subscription primarily in accordance with the shareholders’ preferential subscription right.
- The Offering is secured to 90 per cent by subscription commitments and external underwriters.
- BBS will give all its shareholders registered in BBS’s shareholder register maintained by
Euroclear Finland Ltd (“Euroclear Finland”) orEuroclear Sweden AB (“Euroclear Sweden”) one (1) book-entry subscription right (the “Subscription Right”) for every one (1) share held on the offering record date. Four (4) Subscription Rights entitles the holder to subscribe for one (1) offer shares (“Offer Shares”). - The record date for the Offering is
28 May 2020 with the last day of trading including the Subscription Rights on26 May 2020 and the first day of trading excluding the Subscription Rights on27 May 2020 . - The subscription price is
4.20 EUR or44.42 SEK per offer share. - The subscription period of the Offer Shares will begin on
2 June 2020 at 10:00 Finnish time (9:00 Swedish time) and end on18 June 2020 at 17:00 Finnish time (16:00 Swedish time) inFinland and on16 June 2020 at 17:00 Finnish time (16:00 Swedish time) in Sweden. - The Subscription Rights can be freely assigned and they will be traded on First North Growth Market Finland (”First North Finland”) which is maintained by
Nasdaq Helsinki Oy (”Nasdaq Helsinki”) (trading code BONEHU0120, ISIN code: FI4000440219) and First North Growth Market Sweden (”First North Sweden”) which is maintained by Nasdaq Stockholm AB (”Nasdaq Stockholm”) (trading code BONES TR, ISIN code: SE0014428876) between2 June 2020 and12 June 2020 .
Issue terms of the Offering has been attached to this Company Announcement.
Reasons for the offering and use of proceeds
The Company estimates that it will spend the net proceeds from its Offering on the working capital and investments needed to implement its business plan, as well as on debt servicing and payments, including, but not limited to, the following:
1. Successful completion of BBS’s bone implant ARTEBONEⓇ Paste’s ongoing CE marking application process including the Company’s ISO 13485 quality system certification that is part of the CE marking. Continuing product development, developing and maintaining the patent portfolio and the final production validations and the resources needed for the official inspections performed by the Notified Body (
2. The commercialization of ARTEBONE® Paste, sales network building and implementation of the Company’s sales strategy to initially target the Nordic countries and selected Central European countries after receiving the CE marking.
3. Hiring additional staff for the Company’s marketing and sales functions to increase sales, as well as for production and manufacturing functions to increase production potential.
4. Updating the existing production line to meet the requirements of commercial production by increasing the automation of mechanical production in order to increase the production capacity as well as the production speed. In addition, the funding will be used for production-related materials and logistic costs.
5. For payment of
The above presented estimate on the use of proceeds is based on the assumption that the Offering is fully subscribed. The estimated proportions of the use of proceeds may vary depending on the amount of the capital raised and the business development. If the Offering is not fully subscribed, it may not be possible to implement the planned measures in full and austerity measures must be taken, which can potentially cause a delay in starting production, marketing and sales.
Subscription locations of the Offering
The following function as subscription locations:
a) In
b) in
Valhallavägen 124
SE-114 41 Stockholm
Tel: +46 8 408 933 50
Fax: +46 8 408 933 51
E-mail: info@hagberganeborn.se
Planned timetable for the Offering:
First day of trading excluding the right to receive subscription rights | |
Record date for the rights issue | |
2 June - | Trading period for subscription rights |
2 June - | The subscription period for the rights issue in |
2 June - | The subscription period for the rights issue in |
Trading starts in intermediary shares (BTA) | |
Announcement of the outcome of the rights issue | |
Last day of trading in the intermediary shares on First North Growth Market Finland | |
Last day of trading in the intermediary shares on First North Growth Market Sweden |
Prospectus
BBS has prepared a prospectus relating to the Offering approved by the
Advisers
CEO
The coming year after this Offering will be a turning point for the development of the Company. The long period of research and development is finally coming to an end and we can genuinely influence the market and the daily lives of patients and doctors.
With the support of this round of financing, we will have the opportunity to make the necessary investments that will enable the Company to reach the level of full-scale capacity in both product development and marketing. We have been grateful to enjoy the support and trust of investors over the years and will continue to strive to be worthy of your trust.
Our developed bone substitute, ARTEBONE® Paste is intended for the treatment of various bone injuries, bone healing problems and bone diseases instead of own and bank bone grafts. The implant consists of e.g. reindeer bone proteins that contain effective factors that promote bone growth. Compared to the patient's own bone use, ARTEBONE® shortens patients' recovery time and makes the surgeon's job easier.
For more information:
CEO
Phone: +358 40 7080307
E-mail: ilkka.kangasniemi@bbs-artebone.fi
This is information that
About BBS
More information: www.bbs-artebone.fi.
The company’s
IMPORTANT NOTICE
This release or the information contained therein shall not be published or distributed, directly or indirectly, in
The information contained herein shall not constitute an offer of, or invitation to purchase any securities in any jurisdiction. This release is not a prospectus and does not constitute any offer, invitation or investment advice to subscribe for or purchase securities. Investors should not subscribe for or purchase any securities or make any investment decisions referred to herein except on the basis of information contained in a prospectus issued by BBS.
Attachment –
Attachment
- BBS terms and conditions of the Offering
26 May 2020 Final
© OMX, source