BIOTIE THERAPIES CORP. STOCK EXCHANGE RELEASE 29 May 2015 at 8.30 a.m.
Biotie completes the issuance of convertible notes and warrants
Biotie Therapies Corp. (the "Company" or "Biotie") announced on 23 April 2015 its plans to strengthen its capital structure by approximately EUR 95 million through a directed issue of convertible promissory notes (the "Convertible Notes") and warrants (the "Warrants") to certain US investors and certain existing shareholders, as well as a US public offering (the "US IPO") and potential other offerings in connection with the US IPO.
Biotie has completed the issuance of in total 220,400,001 Convertible Notes and 220,400,001 Warrants to certain US investors and certain existing shareholders pursuant to the authorisation granted by the Annual General Meeting of the Company on 26 May 2015. The total principal amount raised from the issuance of the Convertible Notes was EUR 33.06 million. The Warrants were issued free of charge to the subscribers of the Convertible Notes. Under the Convertible Notes and Warrants, a total number of 440,800,002 shares may be issued.
The Convertible Notes have a conversion price of EUR 0.15 per share and can be converted by their holders at any time prior to their repayment. The Convertible Notes automatically convert into new shares in the Company upon completion of the US IPO and, should the US IPO not take place, the Company can force the conversion of the Convertible Notes at any time after 1 May 2016. The Convertible Notes can be repaid by the Company on or after 1 May 2035 if, and to the extent, they have not been converted. Each Warrant entitles its holder to subscribe for one new or treasury share in the Company at a subscription price of EUR 0.17. The Warrants, irrespective of the contemplated US IPO, may be exercised for a period of five (5) years from a date falling five (5) months after their issuance. The terms and conditions of the Convertible Notes and the Warrants will be available on the Company's website.
Turku, 29 May 2015
Biotie Therapies Corp.
Timo Veromaa
President and CEO
For further information, please contact:
David Cook, CFO
Tel. +358 2 2748 900, e-mail: david.cook@biotie.com
DISTRIBUTION:
NASDAQ OMX Helsinki Ltd
Main Media
www.biotie.com
HUG#1924858