Westpay AB announces that the private placement of a maximum of 5,944,231 shares and the convertible issue of a nominal maximum of approximately SEK 7,500,000, which were decided by the Board and communicated by press release on September 23, 2021, have been fully subscribed. The company will thus receive approximately SEK 23 million.

The subscription in the private placement of shares and in the convertible issue expired until September 30, 2021 and has now been completed. The issues were fully subscribed, which means that the Company will receive approximately SEK 23 million, of which SEK 15.5 million constitutes issue proceeds and SEK 7.5 million constitutes convertible loans. The Company intends to use the issue proceeds and the loan amount to finance increased working capital needs driven by growth and to continue the development of innovative products in the payment area, where the Company sees significant market and profitability potential.

The subscription price in the private placement of shares amounted to SEK 2.60 per share, which corresponds to a discount of 5.45% compared with the average price of the Company's share on Nasdaq First North Growth Market of approximately SEK 2.75 during the last 30 trading days before the issue decision. . The Board assesses that the subscription price is market-based.

The convertible loan has an annual interest rate of 5 percent. Conversion to shares may be called for by the convertible holders partly when the convertible loan falls due for payment and partly for a period of ten banking days after the Company has published interim reports (Q1, Q2, Q3 and Q4) during the years 2022 and 2023 at a conversion price of SEK 3.90 ( with the application of customary conversion conditions). However, conversion can take place no earlier than 18 February 2022 and no later than 14 October 2023.

The convertible issue is subject to approval at an Extraordinary General Meeting to be held on October 14, 2021 in accordance with the notice published by a separate press release on this day.

The directed new issue of shares means that the number of shares in the Company increases by 5,944,231, from 33,750,000 to 39,694,231. The share capital in the Company increases by SEK 1,188,846.20, from SEK 6,750,000 to approximately SEK 7,938,846. The new share issue thus entails a dilution of approximately 17.6% based on the total number of shares in the Company after the new share issue. In addition, the number of shares in the Company, upon full conversion of issued convertibles, will increase by a further 1,923,077 to approximately 9,861,923, which entails a dilution after the new issue of shares and full conversion of the convertible loan, of 23.31%.

KANTER Advokatbyrå has been the legal advisor to the company and Sundström & Partners has been the financial advisor to the company. Aktieinvest has acted as an issuing institution.