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Ensurge Micropower ASA: Financing

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Ensurge Micropower ASA
Ensurge Micropower ASA

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN AUSTRALIA, CANADA, JAPAN, HONG KONG OR THE UNITED STATES OF AMERICA (INCLUDING ITS TERRITORIES AND POSSESSIONS, ANY STATE OF THE UNITED STATES OF AMERICA AND THE DISTRICT OF COLUMBIA) (THE "UNITED STATES") OR ANY OTHER JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL. THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER OF ANY OF THE SECURITIES DESCRIBED HEREIN.

Reference is made to the announcement by Ensurge Micropower ASA (“Ensurge” or the “Company”) on 21 July 2022 about a contemplated convertible loan financing in Ensurge.

The Company is pleased to announce that it has secured funding totaling NOK 57 million. Of this amount, NOK 48.5 million represents commitments to subscribe for convertible loans (“Convertible Loans”). Certain interested parties have offered instead to subscribe for new shares in a private placement (the “Private Placement”), raising NOK 8.5 million for the Company, as resolved by the Board of Directors of the Company (the “Board”) pursuant to an authorization from the 25 May 2022 Annual General Meeting.

The Board has approved the Private Placement and the terms of the Convertible Loan. However, the convertible nature of the loans will be subject to approval by the Company's general meeting and the Board will, as soon as reasonably practicable, call an extraordinary general meeting (the “EGM”) and propose that the conversion rights are approved.

The Convertible Loans will be repayable after one year following the date of the EGM (the “Maturity Date”) and the lenders will be entitled at any time after 6 months from the EGM until the Maturity Date to convert the loans into shares in the Company at a conversion price of NOK 3.00. The Convertible Loans will carry interest at the rate of 5% per annum.

The Board of Directors of Ensurge has resolved to issue in total 2,816,666 shares in the Private Placement with a subscription price of NOK 3.00 per share, such subscription price payable by 31 July 2022. Upon payment and registration of the share capital increase, the Company's share capital will be NOK 213,967,213.02 divided into 216,128,498 shares, each share having a par value of NOK 0.99.

For further information, please contact:     Ståle Bjørnstad - Investor Relations E-mail: stale.bjornstad@ensurge.com (mailto:stale.bjornstad@ensurge.com) Phone: +47 99 16 76 72
Kevin Barber - Chief Executive Officer E-mail: kevin.barber@ensurge.com (mailto:kevin.barber@ensurge.com)

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

About Ensurge: Ensurge is Energizing Innovation(TM) with the first ultrathin, flexible, reliable, and fundamentally safe solid-state lithium microbattery for the 1-100 milliampere-hour (mAh) class of wearable devices, connected sensors, and beyond. The innovative Ensurge Microbattery enables energy-dense rechargeable products that are ideal for form-factor-constrained applications including hearables (hearing aids and wireless headphones), digital and health wearables, sports and fitness devices, and IoT sensor solutions that use energy harvesting to power everyday things. The company's state-of-the-art manufacturing facility, located in the heart of Silicon Valley, combines patented process technology and materials innovation with the scale of roll-to-roll production methods to bring the advantages of Ensurge technology to established and expanding markets.

Important information
This announcement is not and does not form a part of any offer to sell, or a solicitation of an offer to purchase, any securities of the Company. Copies of this announcement are not being made and may not be distributed or sent into any jurisdiction in which such distribution would be unlawful or would require registration or other measures.


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