Quantafuel

Share Issue/Capital Change • Jul 14, 2021

Quantafuel ASA | Conversion of convertible loan

Quantafuel ASA | Conversion of convertible loan

Quantafuel is delighted to inform that BASF has converted their convertible loan into shares.

Reference is made to the EUR 10,000,000 convertible loan resolved by the Board of Directors of Quantafuel ASA ("Quantafuel") on 7 October 2019 pursuant to the authorisation of the general meeting on the same date, and subscribed by BASF.

Quantafuel has received notice from BASF that BASF exercises its right to convert the entire loan including accrued interest in the amount of EUR 172,054.79, in total EUR 10,172,054.79, in accordance with the terms of the convertible loan.

"After further equity injections by third parties and in the course of continuously optimizing BASF’s financial investments, BASF decided to convert the loan into new shares," says Dr. Lars Kissau, Senior Vice President Global Strategic Business Development at BASF’s Petrochemicals division. “Quantafuel’s technology remains an important building block for BASF’s ChemCyclingTM project with the aim to use pyrolysis oil as feedstock in chemical production."

“We are happy that BASF have decided to convert the loan into shares, making them our largest shareholder. We are very much looking forward to the continued cooperation,” says Ann-Christin Andersen, Chair of Quantafuel’s Board.

Pursuant to the terms of the convertible loan the conversion price shall equal the volume weighted average price of Quantafuel's shares the last 30 days prior to the date of the conversion notice, however not higher than NOK 14.40 per share and not lower than NOK 11.80 per share (as adjusted following the share split carried out in connection with the listing of Quantafuel on Merkur/Quantafuel Growth). The relevant conversion price is therefore NOK 14.40 per share.

The loan and accrued interest shall for the purposes of the conversion be converted from EUR to NOK using the foreign exchange conversion rate last published by Norges Bank on the day that the initial conversion notice was sent to Quantafuel ASA, being 10.3355 and resulting in a total NOK convertible amount NOK 105,133,272.33 (including principal and accrued interest).

Accordingly, the conversion of the convertible loan and accrued interest will result in a total of 7,300,921 shares being issued to BASF and the share capital of Quantafuel ASA being increased with NOK 73,009.21, to NOK 1,489,218.47.

The conversion will be effectuated without delay. Under the terms of the convertible loan, the new shares shall carry the same rights as Quantafuel's already issued shares and give right to dividend from the time that Quantafuel received the conversion notice.

For further queries, please contact:

Kristian Flaten, CFO +47 95092322

This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.

This stock exchange announcement was published by Kristian Flaten, CFO in Quantafuel ASA, on 14 July 2021 at 08:00 CEST