This is an in-house translation of the Swedish press release "Nyemission övertecknad", dated May 22, 2009. In the event of any discrepancies between the Swedish and the English versions, the Swedish version shall prevail.
Tigran's new issue of preference shares and warrants (units) with pre-emptive rights for the company's shareholders has been completed. The new issue was oversubscribed with a little more than 7 percent. Accordingly, none of the issue guarantees made towards Tigran had to be utilized.
The new issue was oversubscribed with a little more than 7 percent. As an increased ownership diversification and further capital contributions are considered to be in the best of Tigran's and its shareholders' interests, the board has therefore, based on the issue authorization granted by the extraordinary general meeting on 17 April 2009, resolved to expand the new issue and issue a further not more than 7,221,369 preference shares and not more than 7,221,369 warrants, with cash payment, to the subscribers that did not receive any allotment in the new issue.
The new issue, decided upon on the extraordinary shareholders' meeting, provides Tigran with in total approximately MSEK 49.2 before issue expenses, whereof approximately MSEK 19.7 is provided to the company in connection with the subscription of the newly issued preference shares and the remaining approximately MSEK 29.5 can be provided to the company in connection with the utilization of the newly issued warrants, provided that the warrants are utilized in full. Trading in the new preference shares and warrants is expected to commence on AktieTorget in June 2009.
The terms and conditions in the new issue resolved upon by the board in accordance with the above corresponds to the terms and conditions in the recently completed new issue with pre-emptive rights for the company's shareholders. Accordingly, the subscription price amounts to SEK 0.20 per preference share. The warrants are issued without consideration. Each warrant entitles the holder to subscribe for one new preference share in the company during the period as from 15 January 2010 up to and including 31 January 2010 at a subscription price of SEK 0.30 per preference share.
Conditional upon full subscription of the preference shares and warrants issued with cash payment in accordance with the above, Tigran is estimated to be provided with in total approximately MSEK 3.6, whereof MSEK 1.4 is provided to the company in connection with the subscription of the newly issued preference shares and the remaining approximately MSEK 2.2 can be provided to the company in connection with the utilization of the newly issued warrants, on condition that the warrants are utilized in full.
- The significant oversubscription of Tigran's new share issue testifies that current shareholders as well as new participants see a clear potential in the company. I am especially pleased with the fact that we, through the new share issue, are now able to count a number of dentists and distributors as shareholders, says Björn Sellert, CEO Tigran Technologies AB.
- The injection of capital provided through the new share issue makes a further international expansion of Tigran's treatment concept for bone defects as a result of common dental diseases such as peri-implantitis and periodontitis possible, finishes Björn Sellert.
For more information, please contact Björn Sellert, CEO Tigran Technologies AB:
T: +46 768 60 77 10
About Tigran Technologies AB
Tigran Technologies AB (publ) based in Malmö, Sweden is a development company that has recently brought its first products to the market. Tigran offers an innovative technology for bone regeneration and sustainable implant fixation primarily in the dental area. The core technology consists of porous non-resorbable titanium granules that have been optimized in terms of shape, size and surface chemistry to provide a unique environment for bone in-growth and implant fixation. Tigran conducts extensive clinical research and has a number of published and on-going clinical studies. The company's products, methods and technologies are covered by a strong intellectual property portfolio. Tigran's products are distributed through exclusive distributors.