Press release, Uppsala, 2010-03-04
The Issuances in C-RAD AB (publ) ("C-RAD") was heavily over-subscribed. The
rights issue to the Company's shareholders and the private placement to
institutional investors and the public (the "Offering") are now completed. The
Offering was subscribed to a total of approximately 135 percent, and in the
light of the great interest in the company, the board decided to partially use
the option, that was described in the prospectus prepared in connection with
the Offering. A total of 2 322 091 class B shares will be issued under the
Offering and the option, and will be awarded in accordance with the principles
outlined in the prospectus. C-RAD will thereby receive approximately 30.2 MSEK
before transaction costs.
Erik Hedlund, CEO of C-RAD, says in a comment: "We are very pleased with the
outcome of the Offering, not least in the prevailing climate on the capital
market. The proceeds from the Offering gives C-RAD a good opportunity for
increased marketing and sales activities whilst the Company also are able to
continue developing its products, with the goal of expanding on the world
market. It is gratifying that so many existing shareholders have given us
continued confidence. It is also enjoyable that so many new shareholders have
gained interest in C-RAD, which has contributed to a wider shareholder base.
Strong interest from institutional investors and the public made it natural to
also use a part of the option, and issue an additional number of 305 860
shares. At the same time The Norrland fund defend their position in C-RAD and
subscribe a new convertible loan of 1,8 MSEK.”
In the rights issue, 951 209 class B shares were subscribed, representing a
subscription rate of 76.3 percent. In the private placement, 1 772 459 class B
shares were subscribed, representing a subscription rate of 230.4 percent.
The Offering means that the share capital will increase by a total amount of
348 313.7 SEK. Following the Offering, the total number of shares in C-RAD will
amount to 12 298 091 shares, of which 1 302 810 are class A shares and 10 995
281 shares are of class B. C-RAD's share capital subsequent to the Offering
amounts to 1 844 714.7 SEK.
Mangold Fondkommission AB have acted as C-RAD's financial advisor in connection
with the Offering and will continue acting as the Company's Certified Adviser
subsequent to the Company's listing on NASDAQ OMX First North Premier on March
8th 2010.
For more information, please contact:
Erik Hedlund, CEO, C-RAD AB, telephone: +46-18-66 69 31, E-mail:
erik.hedlund@c-rad.se