Bluelake Mineral

The exercise period for TO3 ran from 15 April 2024 to 26 April 2024. In total, 948,562 TO3 were exercised for the subscription of an equivalent number of shares, corresponding to 6.8 percent of TO3. Bluelake Mineral therefore receives approximately SEK 1.1 million before issue costs.

Within the framework of previously communicated underwriting commitments, the Board of Directors of Bluelake Mineral has today decided on two separate directed issues of shares to the Top-down underwriters and Bottom-up underwriters. The Board of Bluelake Mineral has, with support from the authorisation from the extraordinary general meeting on 29 February 2024, decided on a directed issue of 5,641,428 shares to the Bottom-up underwriters, consisting of existing shareholders Viko Eiendom A/S and Jubar Eiendom A/S, as well as new shareholders Sukame Eiendom A/S, Formue Nord Fokus A/S, Gerhard Dal, Fredrik Attefall, and Niclas Löwgren. None of the Bottom-up underwriters previously owned TO3. Furthermore, the Board of Directors, subject to the subsequent approval of a general meeting in accordance with Chapter 16 of the Companies Act (the so-called Leo rules), has decided to carry out a directed issue of 1,779,166 shares to the Top-down underwriters, who are also existing shareholders in the Company. Notice to such a general meeting will be announced in a separate press release.

The subscription price in the Directed issues will amount to SEK 1.20, corresponding to the subscription price for TO3. The basis for the subscription price in the Directed issues has been determined in the underwriting agreements through negotiations between the Top-down underwriters, Bottom-up underwriters, and the Company at arm's length, in consultation with the financial advisor Augment Partners AB and following analysis of customary market factors. In light of this, the Board of Directors assesses that the subscription price is market-based. The directed issue to the Bottom-up underwriters will provide Bluelake Mineral with approximately SEK 6.8 million in total, before issue costs, while the directed issue to the Top-down underwriters, given the subsequent approval by a general meeting, will provide the Company with SEK 2.1 million in total, before issue costs. Through TO3 and the Directed issues, Bluelake Mineral will receive approximately SEK 10.0 million before issue costs, corresponding to approximately 60.1 per cent of the issue volume from TO3.                              For the bottom-up underwriting commitments, a cash compensation of twenty (20) per cent of the underwritten amount is paid. No compensation is paid for the subscription commitments or top-down underwriting commitments.

Through the directed issue to the Bottom-up underwriters, the number of shares in the Company, following the registration of the outcome for TO3, will increase by 5,641,438, from 84,034,827 to 89,676,265 shares. The share capital will increase by SEK 564,143.80, from SEK 8,403,482.70 to SEK 8,967,626.50, entailing a dilution effect of approximately 6.3 per cent based on the total number of shares and votes in the Company after the directed issue to the Bottom-up underwriters. Through the directed issue to the Top-down underwriters, the number of shares will increase by an additional 1,779,166, from 89,676,265 to 91,455,431 shares. The share capital will increase by an additional SEK 177,916.60, from SEK 8,967,626.50 to SEK 9,145,543.10, entailing an additional dilution effect of approximately 1.9 per cent based on the total number of shares and votes in the Company after the Directed issues.

The rationale behind the Directed issues, and the reason for deviating from the shareholders' preferential rights, is to fulfil the Company's contractual obligations to the underwriters. The Board of Directors deems it beneficial for the Company's financial standing and in the shareholders' interest that the warrants of series TO3 are utilised to the extent covered by the underwriting commitments. The reason that the Directed issues are partially directed towards existing shareholders is to fulfil the Company's contractual obligations towards these shareholders due to entered underwriting agreements, whereby these shareholders have expressed and demonstrated a long-term interest in the Company, which the Board of Directors believes creates security and stability for both the Company and its shareholders.

Advisors

Augment Partners AB is acting as the financial advisor in the transaction.

Publication of information

This information is information that Bluelake Mineral AB (publ) is obliged to make public according to the EU's market abuse regulation. The information was submitted, via the person below, for publication on 29 April 2024 at 16:45 CEST.