Quantafuel is delighted to inform thatBASF has converted their convertible loan into shares. Reference is made to theEUR 10,000,000 convertible loan resolved by the Board of Directors ofQuantafuel ASA ("Quantafuel ") on7 October 2019 pursuant to the authorisation of the general meeting on the same date, and subscribed byBASF .Quantafuel has received notice fromBASF thatBASF exercises its right to convert the entire loan including accrued interest in the amount ofEUR 172,054.79 , in totalEUR 10,172,054.79 , in accordance with the terms of the convertible loan. "After further equity injections by third parties and in the course of continuously optimizingBASF's financial investments,BASF decided to convert the loan into new shares," says Dr.Lars Kissau , Senior Vice President Global Strategic Business Development atBASF's Petrochemicals division. "Quantafuel's technology remains an important building block forBASF's ChemCyclingTM project with the aim to use pyrolysis oil as feedstock in chemical production." "We are happy thatBASF have decided to convert the loan into shares, making them our largest shareholder. We are very much looking forward to the continued cooperation," saysAnn-Christin Andersen , Chair ofQuantafuel's Board. Pursuant to the terms of the convertible loan the conversion price shall equal the volume weighted average price ofQuantafuel's shares the last 30 days prior to the date of the conversion notice, however not higher thanNOK 14.40 per share and not lower thanNOK 11.80 per share (as adjusted following the share split carried out in connection with the listing ofQuantafuel on Merkur/Quantafuel Growth). The relevant conversion price is thereforeNOK 14.40 per share. The loan and accrued interest shall for the purposes of the conversion be converted from EUR to NOK using the foreign exchange conversion rate last published byNorges Bank on the day that the initial conversion notice was sent toQuantafuel ASA , being 10.3355 and resulting in a total NOK convertible amountNOK 105,133,272.33 (including principal and accrued interest). Accordingly, the conversion of the convertible loan and accrued interest will result in a total of 7,300,921 shares being issued toBASF and the share capital ofQuantafuel ASA being increased withNOK 73,009.21 , toNOK 1,489,218.47 . The conversion will be effectuated without delay. Under the terms of the convertible loan, the new shares shall carry the same rights asQuantafuel's already issued shares and give right to dividend from the time thatQuantafuel received the conversion notice. For further queries, please contact:Kristian Flaten , CFO +47 95092322 This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act. Thisstock exchange announcement was published byKristian Flaten , CFO inQuantafuel ASA , on14 July 2021 at08:00 CEST
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