Convertible notes funding agreement

On December 29, 2017, Saniona AB entered into a convertible notes funding agreement with Nice & Green S.A. Under the terms of the agreement, Nice & Green has committed to subscribe up to SEK 72 million in convertible notes in individual tranches of SEK 6 million each over a 12-month period subject to prolongation by Saniona. The convertible notes may be converted into shares at an 8% discount to the lowest daily volume-weighted average share price (VWAP) of the five trading days prior to the date on which Nice & Green has sent a conversion notice to Saniona. Further, Nice & Green will receive a commitment fee for each tranche paid to Saniona whereas Saniona will receive a percentage of the net capital gain made by Nice & Green related to their investment. Saniona has the right to extend the convertible notes funding agreement with Nice & Green for an additional SEK 72 million with the same terms, totaling SEK 144 million.

The number of received tranches, the amount converted, and the number of shares converted and issued under the agreement are set-out below.

Date

Tranche No.

Amount received

Amount converted

Number of shares per conversion

Conversion price

Convertibles outstanding

Number of shares to be issued

Number of shares issued

20180115

1

6,000,000

- - -

6,000,000

-  

20180122

   

1,000,000

32,735

30.55

5,000,000

32,735

 

20180131

   

2,000,000

66,374

30.13

3,000,000

99,109

 

20180208

   

2,500,000

96,600

25.88

500,000

195,709

 

20180213

2

6,000,000

- - -

6,500,000

195,709

 

20180313

   

2,500,000

99,106

25.23

4,000,000

294,815

 

20180315

3

6,000,000

-

-

-

10,000,000

294,815

 

20180327

   

-

-

-

10,000,000

-

294,815

20180416

4

6,000,000

-

-

-

16,000,000

-

 

20180416

   

2,500,000

105,106

23.79

13,500,000

105,106

 

20180502

   

2,500,000

108,348

23.07

11,000,000

213,454

 

20180523

5

6,000,000

-

-

-

17,000,000

213,454

 

20180601

 

 

2,000,000

74,393

26.88

15,000,000

287,847

 

20180611

 

 

3,000,000

101,165

29.65

12,000,000

389,012

 

20180629

 

 

-

-

-

12,000,000

-

389,012

20180712

 

 

2,000,000

69,808

28.65

10,000,000

69,808

 

20180727

 

 

2,000,000

69,622

28.73

8,000,000

139,430

 

20180823

 

 

1,500,000

54,555

27.50

6,500,000

193,985

 

20180824

 

 

1,500,000

54,555

27.50

5,000,000

248,540

 

20180828

 

 

1,500,000

54,555

27.50

3,500,000

303,095

 

20180911

 

 

1,500,000

51,163

29.32

2,000,000

354,258

 

20180912

 

 

1,000,000

34,070

29.35

1,000,000

388,328

 

20180928

 

 

 

 

 

1,000,000

-

388,328

20181011

 

 

1,000,000

36,737

27.22

-

36,737

 

20181022

6

6,000,000

 

 

 

6,000,000

36,737

 

20181024

 

 

1,000,000

36,276

27.57

5,000,000

73,013

 

20181106

 

 

2,000,000

74,711

26.77

3,000,000

147,724

 

20181114

 

 

2,000,000

72,336

27.65

1,000,000

220,060

 

20181127

7

6,000,000

 

 

 

7,000,000

220,060

 

20181128

 

 

2,000,000

75,656

26.44

5,000,000

295,716

 

20181210

 

 

2,500,000

96,916

25.80

2,500,000

392,632

 

Total/Average

 

42,000,000

39,500,000

1,464,787

26.97

2,500,000

392,632

1,072,155