THE RESULT OF VALOE CORPORATION’S OFFERING

Valoe Corporation Stock Exchange Release 18 May 2020 at 09.56 Finnish time

Not for release, publication or distribution, directly or indirectly, in or into Australia, Canada, Hong Kong, Japan, Singapore, South Africa or the United States or any other country where distribution or disclosure would be against law.

The Board of Directors of Valoe Corporation (the "Company") resolved on 5 May 2020 on a directed share issue (the "Offering") in which the Company offered up to 48,148,148 new shares in the Company (the "New Shares") for subscription to investors and to all the creditors of the Company (including the holders of the convertible loans) who hold an indisputable receivable amounting to at least of EUR 100,000 from the Company.

The Board of Directors of the Company has on 15 May 2020 resolved to approve the subscriptions made in the Offering. In total 48,148,148 New Shares were acceptably subscribed in the Offering.

According to the terms and conditions of the Offering, the subscription price for the New Shares was payable in cash or by set-off against, in the view of the Board of Directors of the Company, indisputable receivables the Subscriber had from the Company. The subscription price for in total 23,148,148 of the New Shares subscribed was paid in cash and the subscription price for in total 25,000,000 of the New Shares subscribed was paid by way of set-off.

Thus, the Company collected in the Offering in total EUR 1.25 million new capital and the indebtedness of the Company decreased in total by EUR 1.35 million. The subscription price for the New Shares shall be fully credited to the reserve for invested equity of the Company.

The Company expects the New Shares subscribed acceptably in the Offering to be registered with the Trade Register approximately on 29 May 2020. The New Shares shall be issued and recorded to the book-entry system maintained by Euroclear Finland Ltd first as interim shares representing the New Shares (the "Interim Shares"). The Interim Shares will not be applied to be admitted to trading on Nasdaq Helsinki Ltd (Helsinki Stock Exchange). The Interim Shares will be combined with the Company's present class of shares when the New Shares have been registered to the Trade Register. The New Shares are applied to be admitted to trading on the Helsinki Stock Exchange approximately on 15 September 2020 together with the other shares of the Company.

After the registration of the New Shares subscribed in the Share Issue in the Trade Register, the total number of the shares in the Company is 190,222,536 shares including the shares subscribed in the share issues to the Company itself disclosed earlier today. A total of 8,680,616 shares are held by the Company.

In Mikkeli on 18 May 2020

Valoe Corporation

BOARD OF DIRECTORS

For more information:
CEO Iikka Savisalo, Valoe Corporation
p. 0405216082
email: iikka.savisalo@valoe.com

Distribution:
Nasdaq Helsinki Oy
Main media
www.valoe.com

Valoe Corporation specializes in the clean energy, especially in photovoltaic solutions. Valoe provides automated production technology for solar modules based on the company’s own technology; production lines for modules; solar modules and special components for solar modules. Valoe's head office is located in Mikkeli, Finland.