Convertible Notes Financing Agreement

On October 4th, 2020, Artificial Solutions has entered into a convertible notes financing agreement with Nice & Green S.A. Under the terms of the agreement, Nice & Green has committed to subscribe for convertibles with a total nominal amount of up to SEK 60,000,000 over a 14 months period, divided into two initial tranches of up to SEK 10 million per month for the two initial months and thereafter in tranches of a maximum of SEK 5 million per month. Artificial Solutions has committed to draw SEK 20 million, with the option to draw up to an additional SEK 40 million. The convertible notes may be converted into shares at a 7% discount in relation to the market price of Artificial Solutions’ share price at the time of the conversion.

The number of received tranches, the amount converted, and the number of shares converted and issued under the agreement are set-out below.

 

Date Tranche no. Nominal Subscription Amount (SEK) Amount converted (SEK) Number of Converted Shares Average Conversion price (SEK) Nominal Amount Outstanding (SEK) Number of shares to be Issued Number of Issued Shares
20201004 1 10,000,000 10,000,000
20201028 1 5,000,000 521,289 9.5916 -5,000,000 521,289
20201104 1 -521,289 521,289
20201110 2 10,000,000 10,000,000
20201118 1 5,000,000 500,560 9.9888 -5,000,000 500,560
20201204 1 -500,560 500,560
20201217 3 5,000,000 5,000,000
20210201 4 5,000,000 5,000,000
20210217 2 2,500,000 262,024 9.5411 -2,500,000 262,024
20210226 2 -262,024 262,024
20210309 5 15,000,000 15,000,000
20210310 2  – 5,000,000 592,185 8.4433 -5,000,000 592,185
20210331 2 -592,185 592,185
Total/ Average   45,000,000 17,500,000 1,876,058 9.3912 27,500,000 0 1,876,058

 

In order to be compliant with financial regulatory rules, Nice & Green S.A. will declare short positions corresponding to the amount of shares they have converted but not yet delivered and sold in the market.