TECO 2030 ASA (the “Company” or “TECO 2030”) (OSE: TECO) has today secured 70.6 MNOK in a secured convertible loan from new and existing investors, including the Company’s Saudi Arabian partner and its landlord in Narvik.
The convertible loan has a term of 3 years, an interest of 8 % p.a. and can be converted by the shareholders at a conversion rate of 5,0868 NOK. TECO 2030 is very pleased with the interest gained in the issuance of the convertible loan, and the trust provided by the existing shareholders at the annual general meeting held on May 20th 2022, where the shareholders approved an authorization to the Board of Directors to issue a convertible loan of up to 120 MNOK.
“We are excited to close the first tranche of the convertible bond for an amount of 70.6 MNOK, and will start the work towards raising the remaining authorized amount immediately,” says Tore Enger, Group CEO, TECO 2030 ASA. Enger also adds “The proceeds will be used towards the development of our fuel cells, and other general corporate purposes.”