Share Issue/Capital Change • Aug 6, 2021
Share Issue/Capital Change
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Desert Control AS – Share capital increase registered
Sandnes, Norway, 6 August 2021: Reference is made to the stock exchange release by Desert Control ASA ("Desert Control" or the "Company") published on 5 July 2021 regarding purchase of 63,000 shares by the Company's Chief Technology Officer.
The purchase of shares was carried out as part of the Company's employee incentive program and was facilitated by the board of directors of the Company's resolution on 5 July 2021 to increase the share capital, pursuant to the authorisation granted by the Company's extraordinary general meeting on 6 April 2021. The board of directors decided to increase the share capital by a total of NOK 294 by issuing 98,000 shares, each with a par value of NOK 0.003.
The issuance of 98,000 new shares has been registered with the Norwegian Register of Business Enterprises. Following registration, the share capital of Desert Control is NOK 122,173.92 divided into 40,724,639 shares, each share having a par value of NOK 0.003 and carrying one vote in the Company's general meeting.
For further information, please contact:
Erling Rasmussen, Chief Financial Officer,
+ 47 482 11 151,
About Desert Control AS
Agriculture and food production consume more than 70% of all available freshwater. When topsoil degrades, water consumption increases further as it permeates through sandy soils like a sieve. Simultaneously, population growth drives the need for more food over the next 40 years than was produced in the last 500 years, putting even more pressure on scarce resources such as water. This is the problem Desert Control is determined to solve. There are tremendous growth opportunities in a market that is growing rapidly. Annually, 12 million hectares of fertile land perish to desertification. Desert Control is a climate technology company specialized in reclaiming degraded soil and turning desert sand into fertile soil. The patented product LNC (Liquid Natural Clay) is a liquid clay compound that enables sand and degraded soil to retain water and nutrients. LNC thus increases crop yields, while consumption of water and fertilizer decreases by up to 50%.
This information is subject to the disclosure requirements pursuant to the Euronext Growth Oslo Rule Book II.
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