Option (EURONEXT Brussels: OPTI; OTC: OPNVY), the company connecting Things to the Cloud, today announces that it has successfully concluded a private placement. The company intended to raise an amount ranging between € 8 to 12 million and is pleased to report that it has effectively secured the maximum amount of € 12 million via the issue of a convertible bond.
The funding is subscribed to by Quaeroq CVBA for € 4 million, Alychlo NV, holding company of Marc Coucke, for € 2,7 million, Vermec NV for € 1,5 million, Jan Callewaert for € 0,5 million, Frank Deschuytere, CEO of Option, for € 0,2 million and a number of private investors and companies for € 3,1 million.
This financing round was a success following the investors' firm belief in the market opportunity of the Internet of Things and in the unique position Option has and the solutions it brings to this market. The new funds will be used to support the expansion of the sales channels, sales & sales support teams, to expand the product portfolio with technology & applications and to further develop the CloudGate partner-ecosystem.
The 5-year convertible bond matures in April 2019 and has an annual interest rate of 9% with an initial conversion price of € 0.295, which is the average price of the Option share 30 days prior to the issuing of the convertible bond. The interest shall be capitalized with the outstanding principal amount of the bonds on a half-yearly basis.
Further information regarding the convertible bond can be found in the report of the Board of Directors drafted in accordance with articles 583, 596 juncto 598 of the Code of Companies and in the report of the Auditor of the company drafted in accordance with articles 596 juncto 598 of the Code of Companies. These reports will be posted on the website of the company.
The funding is subscribed to by Quaeroq CVBA for € 4 million, Alychlo NV, holding company of Marc Coucke, for € 2,7 million, Vermec NV for € 1,5 million, Jan Callewaert for € 0,5 million, Frank Deschuytere, CEO of Option, for € 0,2 million and a number of private investors and companies for € 3,1 million.
This financing round was a success following the investors' firm belief in the market opportunity of the Internet of Things and in the unique position Option has and the solutions it brings to this market. The new funds will be used to support the expansion of the sales channels, sales & sales support teams, to expand the product portfolio with technology & applications and to further develop the CloudGate partner-ecosystem.
The 5-year convertible bond matures in April 2019 and has an annual interest rate of 9% with an initial conversion price of € 0.295, which is the average price of the Option share 30 days prior to the issuing of the convertible bond. The interest shall be capitalized with the outstanding principal amount of the bonds on a half-yearly basis.
Further information regarding the convertible bond can be found in the report of the Board of Directors drafted in accordance with articles 583, 596 juncto 598 of the Code of Companies and in the report of the Auditor of the company drafted in accordance with articles 596 juncto 598 of the Code of Companies. These reports will be posted on the website of the company.
