Approximately 45.92 Per Cent Of The Warrants In Savosolar Plc’S Warrant Plan 2-2021 Were Used For Subscription Of Shares

Approximately 45.92 per cent of the warrants in Savosolar Plc’s Warrant Plan 2-2021 were used for subscription of shares

Approximately 45.92 per cent of Savosolar Plc’s (“Savosolar” or the “Company”) warrants under Warrant Plan 2-2021 have been used for subscription of shares, raising approximately EUR 1.00 million. The Company will additionally decide based on the received subscription undertaking on a directed share issue of approximately EUR 1.00 million to VG-Shipping Oy (the “Directed Issue”) in case the conditional share exchange is executed.

The subscription period based on Savosolar’s Warrant Plan 2-2021 ended on 23 September 2022. Based on the warrants, 17,780,508 new shares were subscribed for and the Company will receive approximately EUR 1.00 million in proceeds before transaction costs. Approximately 45.92 per cent of the warrants were used for subscription of shares.

On 29 August 2022, the Company announced a conditional share exchange agreement based on which Savosolar will purchase Meriaura Oy’s shares and the business of VG EcoFuel Oy to be transferred to Biolaite Oy, a fully owned subsidiary of Meriaura Oy, from VG-Shipping Oy. In connection with signing of the share exchange agreement, the Company entered into an agreement with VG-Shipping Oy on a subscription undertaking in the maximum amount of approximately EUR 1.00 million that can be used if the warrants in the Warrant Plan 2-2021 are not fully used for subscription of shares. Therefore, with the precondition that the share exchange is executed, the Board of Directors will decide on the Directed Issue of up to 17,857,142 new shares, which will raise proceeds of approximately EUR 1.00 million before transaction costs. The subscription price in the Directed Issue is EUR 0.056 per share, which is the same as the subscription price based on the warrants. The proceeds from the Directed Issue will be paid within 10 banking days from the closing of the share exchange, which indicatively will take place on 30 November 2022.

The warrants which were not exercised under the Warrant Plan 2-2021 have lost their value and will be removed from the securities’ accounts of the warrant holders.