Norwegian Bionor Pharma ASA announced the acquisition of Solon Eiendom AS for a total consideration of approximately NOK 1,000 million ($116.5M)to be settled by issuing 6,666,666,666 new shares.
The Private Placement was completed on Wednesday and a total of 2,000,000,000 shares were agreed to be sold. The Private Placement attracted significant interest from high quality investors and was more than 5 times oversubscribed. Arctic Securities AS, DNB Markets, a part of DNB Bank ASA, and SpareBank 1 Markets AS acted as managers for the Private Placement and are engaged as managers for the Subsequent Offering.
The company will receive gross proceeds of NOK 150 million ($17.4M) from the Private Placement when completed.
The company said it would use the net proceeds from the Private Placement for acquisition of a minority stake currently owned by Edvin Austbø (who is an indirect shareholder of Solon Eiendom) in a property project in Ski for approximately NOK60 million ($7M), acquisition of land for new projects and for general corporate purposes.