Dyesol Limited
Dyesol Limited: Dyesol Secures New Investment
Dyesol Limited / Key word(s): Miscellaneous/Miscellaneous 04.05.2011 / 00:55 Dyesol Secures New Investment * Dyesol has successfully completed a A$5.5 million placement to professional and sophisticated investors at 65 cents per share or at an approximate 11% discount to the Company's 30 day volume weighted average share price. Austock Securities Limited was the lead manager of the transaction and was assisted in the USA by Chardan Capital Markets LLC. These shares have been largely subscribed for by existing shareholders under the Company's ASX Listing Rule 7.1 capacity. * Also, as set out in the Company's Appendix 4C released on April 29, Dyesol intends to offer a Share Purchase Plan (SPP) to all shareholders as of the record date on the same price and volume terms as the above placement. The terms and conditions of the SPP offer will be sent to all eligible shareholders shortly. * Separately, Dyesol has entered an agreement with Springtree Special Opportunities Fund, LP (SpringTree) under which SpringTree can invest between A$15.2 million and A$22.4 million in Dyesol over the next three years in monthly instalments (the Agreement). The Agreement is structured to provide funding flexibility, minimise dilution to existing shareholders while relating to the share price at the time of each monthly investment. Dyesol has the ability to terminate the Agreement at any time, at no cost if the price is below a specified level or after 12 months, or otherwise at a small break fee. * In summary, Dyesol has established a funding mix that benefits shareholders, creating a cost effective source of working capital to support current levels of operational expenditure. Dyesol has a number of world-class solar photovoltaic projects that provide great growth potential on the road to major commercialisation of our DSC technology and the Company expects to report further significant progress on the expansion phases of these projects in the near future. The directors would also like to thank all existing shareholders for their ongoing financial support and welcome new investors to its share register. Details of the Company's projects and financial performance are available on ASX and on its website www.dyesol.com. Details of the Agreement Under the Agreement, SpringTree will invest A$400,000 to A$600,000 in Dyesol's shares approximately monthly. Each share purchase will be made at SpringTree's election, either 130% of the average of the daily volume-weighted average prices of Dyesol's shares (VWAPs) for the 20 trading days prior to the execution date of the Agreement (Purchase Price A), or 90% of the average of three daily VWAPs during a specified period prior to the date of the issuance of the shares (Purchase Price B). However, Dyesol may elect to refuse to issue shares, if the price at which it would be issuing shares to SpringTree were to be lower than a specified floor price. Purchase Price A cannot be used for more than three monthly share tranche purchases. In addition, SpringTree will invest in an A$800,000 convertible security of Dyesol (the Convertible Security) (for a total of A$1.2 million invested by SpringTree on completion of the Agreement). The Convertible Security will be convertible by SpringTree during its term using the same conversion price mechanism as set out above for the monthly share purchases. The Agreement is secured against 1,300,000 shares of Dyesol. Dyesol will issue to SpringTree 387,000 shares in satisfaction of a commencement fee in connection with the Agreement and 2,500,000 options exercisable, prior to the close of business on 29 April 2015 at 92.5 cents per share. The terms of the Agreement do not permit shares to be issued and there is no requirement to issue shares under the Agreement, if shareholder approval is first required under the Listing Rules. The initial investment of $1.2 million will proceed following the completion of the Agreement and does not require shareholder approval. For media queries in Australia contact Viv Hardy, Callidus PR on +61 (0)2 9283 4113 or +61 (0)411 208 951. In Europe contact Eva Reuter, Investor Relations, Dyesol Europe on +49 177 6058804. In the Americas contact Kathryn Harper, Antenna PR on +1 415 977 1936. The Technology - DYE SOLAR CELLS DSC technology can best be described as 'artificial photosynthesis' using an electrolyte, a layer of titania (a pigment used in white paints and tooth paste) and ruthenium dye deposited on glass, metal or polymer substrates. Light striking the dye excites electrons which are absorbed by the titania to become an electric current many times stronger than that found in natural photosynthesis in plants. Compared to conventional silicon based photovoltaic technology, Dyesol's technology has lower cost and embodied energy in manufacture, it produces electricity more efficiently even in low light conditions and can be directly incorporated into buildings by replacing conventional glass panels or metal sheets rather than taking up roof or extra land area. The Company - DYESOL Limited Dyesol is a global solar technology company and in August 2005 was listed on the Australian Stock Exchange (ASX: DYE). Dyesol manufactures and supplies a range of dye solar cell products comprising equipment, chemicals, materials, components and related services to researchers and manufacturers of DSC. The Company is playing a key role in taking this third generation solar technology out of the laboratory and into the community. More details about the company and the technology can be found at: http://www.dyesol.com End of Corporate News --------------------------------------------------------------------- 04.05.2011 Dissemination of a Corporate News, transmitted by DGAP - a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. DGAP's Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------- 122819 04.05.2011
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