Adcore obtains bridge financing by issuing a debenture with detachable warrants

2001-08-24

The Board of Directors of Adcore has today, to seek adequate short-term operational liquidity for the period up to November 2001, reached an agreement on bridge financing. Under the agreement, among other things, the company issues a debenture of SEK 25 million that runs from September 11 – November 1, 2001, as well as issues 4,000,000 warrants to the lender, a consortium mainly consisting of Christer Jacobsson and Anders Swensson, former CFO of Connecta. In this context, the Board of Directors has today – subject to the approval of the EGM – resolved that the company shall issue a debenture with 4,000,000 detachable warrants. The warrants can be exercised during the period February 1, 2002 – August 29, 2003 at an exercise price of SEK 1,44, which corresponds to 120 per cent of the average trading price for the Adcore share on the Stockholm Exchange on August 23, 2001. After full exercise of the warrants the share capital of the company will increase by SEK 400 000, which corresponds to a dilution of 2,57 percent of the share capital and votes. After full exercise of all outstanding convertibles and warrants, the dilution would amount to 2,35 percent.

The reasons for the deviation from the shareholders’ preferential rights is to seek adequate short-term operational liquidity.

An EGM to approve the decisions of the Board of Directors and to resolve on the Board of Director’s proposal is planned for September 12, 2001.

Stockholm, Sweden, 24 August 2001, Adcore AB (publ)