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The board of directors of BoMill AB ("BoMill" or the "Company") proposes a share issue with preferential rights for the shareholders to be resolved at the annual general meeting on 12 April 2024 (the "Rights Issue"). The Rights Issue provides the Company with a maximum amount of approximately SEK 16.8 million before transaction costs. Every holding of ten (10) existing shares entitles the right to subscribe for three (3) new shares at a subscription price of SEK 0.60 per share. The subscription period is proposed to be 25 April - 14 May 2024 with trading in the subscription rights during 25 April - 8 May 2024. The maximum dilution of shares and votes is approximately 23%.
The subscription of the Rights Issue is secured corresponding to 100 percent of the maximum amount of the Rights Issue by undertakings the Company has received according to below. The undertakings have been made without any compensation.
Convening notice for the annual general meeting that resolves on the Rights Issue will be published in a separate press release on 12 March 2024.
Background and reason
The net proceeds from the Rights Issue will be used to take the next step of scaling up the commercialization of BoMill's new generation of grain sorting equipment, BoMill InSight™, and support the continuous operations of the company.
Following the field-testing phase, BoMill InSight™ was launched in early 2023, and up until today, the Company has received six orders of a total amount of approximately SEK 14.6 million from five customers, and five BoMill InSights are installed at the customers' sites. The intention is to exploit further the European market as well as the markets in North and South America. In collaboration with local partners, BoMill's commercial activities in these markets will intensify during 2024.
"With the proposed share issue, we can continue our commercialization of BoMill InSight™. The capitalization will strengthen the company's financial position in the short run and boost our sales and marketing activities, supporting our efforts in the North and South American markets. I am very pleased with the confidence investors show by committing to our rights issue and that they have acknowledged our sustainable and unique offer for grain sorting", says Andreas Jeppsson CEO, BoMill AB.
a. Firstly, to those who have subscribed shares with the support of subscription rights, regardless of whether they were shareholders on the record day or not, and in the event of oversubscription, in relation to the number of exercised subscription rights in this category, and if this cannot be realized, by draw;
b. Secondly, to those who have subscribed shares without the support of subscription rights and not included in item a) above, regardless of whether they were shareholders on the record day or not, in relation to the number of subscribed shares in this category, and if this cannot be realized, by draw; and
c. Thirdly, to those who have entered into a commitment regarding subscription and payment of the shares that have not been allotted to and/or paid by other subscribers, pro rata in relation to the maximum amount committed to subscribe or other agreed allocation among them that have entered into such commitment.
The subscription of the proposed Rights Issue is secured corresponding to 100 percent of the maximum amount of the Rights Issue by undertakings from:
1. some of the current shareholders that have committed to exercise in full their preferential rights to subscribe shares in the Rights Issue in respect of their current holdings for an amount of approximately SEK 10.2 million, corresponding to approximately 61% of the maximum amount of the proposed Rights Issue; and
2. an external investor has committed to subscribe to such shares that are not subscribed by others for a maximum amount of approximately SEK 6.6 million, corresponding to approximately 39% of the maximum amount of the proposed Rights Issue.
The undertakings from the current shareholders and the external investor have been made without any compensation. However, the commitments to subscribe are not secured by a bank guarantee, blocked funds, pledging or similar arrangements. Full information about the parties that have entered into the undertakings to subscribe will be provided in the Company's EU growth prospectus.
Prospectus
An EU growth prospectus will be prepared and published no later than the subscription period begins. A press release will be sent when the prospectus is published on BoMill's website (www.bomill.com) and Nordic Issuing's website (www.nordic-issuing.se).
The date of the annual general meeting and the reporting date of Q1 2024 report are brought forward
The board of directors has decided to bring forward the date of the annual general meeting, and the publication of the quarterly report for January - March 2024, from 16 May 2024 to 12 April 2024 for the resolution of the Rights Issue to be taken by the annual general meeting and provide information on the outcome of Q1 2024 to the shareholders concerning their decision to subscribe shares in the Rights Issue.
Issuer agent
Nordic Issuing acts as the issuer agent in connection with the Rights Issue.
This press release contains inside information that BoMill AB (publ) is required to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication on March 12, 2024, at 08:30 CET.