Bioretec Ltd Inside information 27 March 2026 at 12:50 p.m. EET
NOT FOR PUBLICATION, DISTRIBUTION OR RELEASE, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO AUSTRALIA, CANADA, THE HONG KONG SPECIAL ADMINISTRATIVE REGION OF THE PEOPLE'S REPUBLIC OF CHINA, JAPAN, NEW ZEALAND, SINGAPORE, SOUTH AFRICA OR THE UNITED STATES, OR ANY OTHER JURISDICTION IN WHICH PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL.
HELSINKI, March 27, 2026 /PRNewswire/ -- The Board of Directors of Bioretec Ltd ("Bioretec" or the "Company") has today 27 March 2026, based on the authorisation of the Extraordinary General Meeting of the Company held on 27 March 2026, resolved to offer Bioretec's shareholders up to 1,477,828,416 new shares (the "New Shares") for subscription primarily on the basis of shareholders' pre-emptive subscription right in the same proportion as they already hold shares in the Company (the "Existing Shares") and secondarily by other shareholders or by other persons in a rights issue of up to approximately EUR 14.8 million (the "Offering"). The subscription price for each New Share is EUR 0.01 (the "Subscription Price").
The purpose of the Offering is to strengthen the Company's capital base and financing resources supporting the Company in the execution of its strategy announced by a company release on 16 December 2025. The Company aims to strengthen its balance sheet, ensure sufficient working capital and finance the working capital needs of its targeted business growth with the proceeds from the Offering. The proceeds raised in the Offering are intended to be used to advance the commercial scale-up of the Company's products particularly in the United States, continue the progression of the development pipeline and launch three new products within the next 18 months, improve the Company's operations and production capabilities, and for working capital and general administration expenses.
The Offering in brief
- In the Offering, Bioretec is seeking gross proceeds amounting to up to approximately EUR 14.8 million by offering up to 1,477,828,416 New Shares for subscription. However, the Company expects to raise at least approximately EUR 5 million in gross proceeds from the Offering, taking into account the Subscription Commitment and the Underwriting Commitment (as defined below) provided by Stephen Industries Inc Oy, which are subject to certain conditions.
- Bioretec estimates that its present working capital will suffice into June 2026. According to Bioretec, if the Offering is completed within the planned timetable, the minimum gross proceeds of EUR 5 million expected from it (together with the current assets of Bioretec and its subsidiaries) would guarantee sufficient working capital to cover the Company's current needs until December 2026. If the Company succeeds in raising gross proceeds of EUR 14.8 million, the Company believes it would have sufficient working capital to execute its strategy into the last quarter of 2027 under the current business plan.
- Existing shareholders of Bioretec have a primary right to subscribe for New Shares with pre-emptive subscription rights, which will be offered to them in the same proportion as they hold shares in Bioretec on 31 March 2026, being the record date of the Offering (the "Record Date").
- Shareholders who are registered in the shareholders' register maintained by Euroclear Finland Ltd ("Euroclear Finland") on the Record Date shall receive one (1) subscription right (the "Subscription Right") per each one (1) Existing Share held by the shareholder in the form of a book-entry. The Subscription Rights will be recorded on shareholders' book-entry accounts in the book-entry system maintained by Euroclear Finland on 1 April 2026 at the latest. The first trading day of Bioretec's Existing Shares without Subscription Rights is 30 March 2026.
- One (1) Subscription Right entitles the holder to subscribe for forty-eight (48) New Shares at the Subscription Price of EUR 0.01 for each New Share (the "Primary Subscription"). No fractional New Shares will be issued, and no Subscription Right may be used only in part.
- The subscription period of the New Shares will commence on 7 April 2026 at 9:30 a.m. Finnish time and will end on 21 April 2026 at 4:00 p.m. Finnish time (the "Subscription Period"), unless the Subscription Period is extended. Unused Subscription Rights will become void upon the end of the Subscription Period.
- The Subscription Rights are freely transferable and subject to trading on Nasdaq First North Growth Market Finland marketplace ("First North") under the trading code "BRETECU0126" and ISIN code FI4000602735 between 7 April 2026 and 15 April 2026.
- Where not all New Shares are subscribed for in the Primary Subscription, both the Company's shareholders and other investors have a right to subscribe for the unsubscribed New Shares without Subscription Rights (the "Secondary Subscription") at the Subscription Price. The Company's Board of Directors will resolve on the allocation of New Shares subscribed for without Subscription Rights in the Secondary Subscription in accordance with the allocation preference described below.
- In connection with the Offering, Bioretec will prepare an exemption document (the "Exemption Document") in accordance with Article 1(4) (db) of Regulation (EU) 2017/1129 of the European Parliament and of the Council (as amended, the "Prospectus Regulation"). The Exemption Document will be prepared in the Finnish language and in accordance with the requirements of Annex IX of the Prospectus Regulation. Bioretec will publish the Exemption Document on or about 2 April 2026 before the commencement of the Subscription Period. An unofficial English-language translation of the Exemption Document will be published on or about 2 April 2026 before commencement of the Subscription Period.
- Bioretec has, subject to certain conditions, received advance commitment from Stephen Industries Inc Oy to subscribe for New Shares in the Offering on the basis of all Subscription Rights to be recorded to it (the "Subscription Commitment"). The Subscription Commitment represents approximately EUR 1.8 million and approximately 12.0 per cent of the New Shares provided that the Offering will be fully subscribed. Stephen Industries Inc Oy has also, subject to certain conditions, provided an underwriting commitment for the Offering, pursuant to which Stephen Industries Inc Oy will subscribe for any and all New Shares not otherwise subscribed and paid for pursuant to the Subscription Rights or in the Secondary Subscription for an aggregate amount of up to EUR 5 million, which amount shall include Stephen Industries Inc Oy's aggregate subscriptions under the Subscription Commitment and any and all New Shares subscribed by it in the Primary and Secondary subscription (the "Underwriting Commitment"). The Subscription Commitment and the Underwriting Commitment are conditional upon, among other things, no change, event, occurrence, circumstance or development having occurred between the date of the Subscription Commitment and the Underwriting Commitment and the settlement and delivery date of the Offering that, individually or in the aggregate, has had or would reasonably be expected to have a material adverse effect on the business, financial condition, results of operations, assets, liabilities or prospects of the Company and its subsidiaries, taken as a whole. Stephen Industries Inc Oy is a company controlled by the Chair of the Board of Directors of the Company, Kustaa Poutiainen. No fee will be paid to Stephen Industries Inc Oy for the Subscription Commitment. The Company will pay Stephen Industries Inc Oy a fee of approximately 7.5 per cent for the Underwriting Commitment. The fee will be based on the full aggregated amount of the Underwriting Commitment and it will be due and payable in the form of the Company's shares (the "Fee Shares") in connection with the completion of the Offering, provided that the Offering will be completed.
- Furthermore, certain members of the Company's management have indicated that they intend to participate in the Offering as well.
- DNB Carnegie Investment Bank AB, Finland Branch acts as the Sole Global Coordinator in the Offering (the "Sole Global Coordinator").
- The terms and conditions of the Offering are attached to this release.
"With strengthened leadership, several achieved regulatory milestones and a new, focused strategy, Bioretec is well positioned to accelerate its commercialization in the U.S. and other key markets. The purpose of the Offering is to ensure sufficient financial resources to enable the execution of our strategy. Bioretec's largest shareholder, Stephen Industries Inc Oy, remains strongly committed to the Company, as evidenced by our Subscription and Underwriting Commitments in this Offering," states Kustaa Poutiainen, Chair of the Board of Directors of Bioretec.
"The past year has been a period of transition and rebuilding for Bioretec. We have reviewed every aspect of our operations, commercial structure and performance to enable a stable base, capable of supporting Bioretec's future growth. As a result of the necessary adjustments, we exit the year with a more agile commercial organization, a strengthened strategic focus, and greater readiness to execute our next phase.
There is a clear need to invest in expanding our commercial offering for RemeOs and building a U.S.-based commercial organization that can drive topline growth. We have an advantageous market position with three Breakthrough Device Designations and a TPT pass-through payment status for our absorbable metal, and now is the time to accelerate and capitalize on our opportunities. We arrange this Offering with a firm focus on capital-efficient execution of our strategy and disciplined scrutiny across our business, with the aim of generating value for our shareholders," says Sarah van Hellenberg Hubar-Fisher, the CEO of Bioretec.
General
The number of all shares in the Company may as a result of the Offering increase from the 30,788,092 Existing Shares to up to 1,527,156,313 shares in total (including the Fee Shares). Provided that the Offering is fully subscribed, the New Shares, together with the Fee Shares, will correspond to approximately 98.0 per cent of all shares.
Bioretec's Board of Directors has the right not to approve subscriptions received after the end of the Subscription Period. Bioretec's Board of Directors is entitled to extend the Subscription Period.
The Subscription Price is EUR 0.01 per New Share. The Subscription Price implies a customary discount for rights issues of approximately 23.4 per cent compared to the theoretical ex-rights price based on the closing price, EUR 0.16, of the Existing Shares on First North on the trading day immediately preceding the resolution on the Offering (26 March 2026). The Subscription Price for New Shares will be recorded in the fund for invested unrestricted equity of the Company.
If not all of the New Shares have been subscribed for in the Primary Subscription, the Company's Board of Directors will resolve on the allocation of New Shares subscribed for in the Secondary Subscription as follows:
- First to those who have subscribed for New Shares also with Subscription Rights in the Primary Subscription. If the Offering is oversubscribed by such subscribers, the allocation to such subscribers shall be determined on a per-book-entry account basis pro rata to the Subscription Rights used to subscribe for New Shares and, if this is not possible, by a drawing of lots.
- Second to those who have subscribed for New Shares only without Subscription Rights in the Secondary Subscription. If the Offering is oversubscribed by such subscribers, the allocation to such subscribers shall be determined on a per-book-entry account basis pro rata to the New Shares subscribed for by such subscribers and, if this is not possible, by a drawing of lots.
- Third to Stephen Industries Inc Oy in accordance with the Underwriting Commitment.
The Company's Board of Directors will on or about 24 April 2026 (unless the Subscription Period is extended) approve subscriptions made with Subscription Rights and in accordance with the terms and conditions of the Offering and applicable law and regulations. In addition, the Board of Directors will on or about 24 April 2026 (unless the Subscription Period is extended) approve subscriptions made without Subscription Rights and in accordance with the terms and conditions of the Offering and applicable law and regulations.
The Company will on or about 24 April 2026 (unless the Subscription Period is extended) publish the final results of the Offering and the aggregate number of New Shares subscribed for by way of a company release.
The New Shares subscribed for with Subscription Rights will be recorded on investors' book-entry accounts as interim shares corresponding to the New Shares (the "Interim Shares") after subscriptions have been made and paid for. The ISIN code of the Interim Shares is FI4000602743 and the trading code on First North is "BRETECN0126". The Interim Shares will be freely transferable, and trading in the Interim Shares on First North as a separate share series commences on or about 8 April 2026 (provided that Nasdaq Helsinki Ltd accepts the Company's listing application). The Interim Shares will be combined with the Company's Existing Shares (ISIN code: FI4000480454 and trading code: "BRETEC") once the New Shares have been registered with the Trade Register maintained by the Finnish Patent and Registration Office. The combination will take place on or about 28 April 2026 (unless the Subscription Period is extended).
New Shares subscribed for without Subscription Rights will be recorded on the subscriber's book-entry account as shares on or about 29 April 2026 (unless the Subscription Period is extended). Trading in the New Shares will commence on First North on or about 29 April 2026 (unless the Subscription Period is extended).
Under the terms and conditions of the Company's active option programs, if the Company resolves, prior to the share subscriptions under each option program taking place, to issue new shares in accordance with the pre-emptive right of the shareholders, the holders of option rights shall receive equal treatment with the shareholders of the Company. Under the terms and conditions of the Company's active stock option programs, the equal treatment shall be provided as determined by the Board of Directors, either by adjusting the amount of shares to be issued or the subscription price of the shares to be issued or both. In order to provide for such equal treatment, the Board of Directors of the Company anticipates adjusting the subscription prices of the Company's new shares under the Company's active stock option programs to account for the dilutive effect of the Offering, and a resolution to this effect is expected to be made separately once the Offering is completed.
Subscription and Underwriting Commitment
Bioretec has, subject to certain conditions, received the Subscription Commitment from Stephen Industries Inc Oy to subscribe for New Shares in the Offering on the basis of all Subscription Rights to be recorded to it.
Stephen Industries Inc Oy has also, subject to certain conditions, provided the Underwriting Commitment for the Offering, pursuant to which Stephen Industries Inc Oy will subscribe for any and all New Shares not otherwise subscribed and paid for pursuant to the Subscription Rights or in the Secondary Subscription for an aggregate amount of up to EUR 5 million, which amount shall include Stephen Industries Inc Oy's aggregate subscriptions under the Subscription Commitment and any and all New Shares subscribed by it in the Primary and Secondary Subscription.
Stephen Industries Inc Oy is a company controlled by the Chair of the Board of Directors of the Company, Kustaa Poutiainen. No fee will be paid to Stephen Industries Inc Oy for the Subscription Commitment. The Company will pay Stephen Industries Inc Oy a fee of approximately 7.5 per cent for the Underwriting Commitment. The fee will be based on the full aggregated amount of the Underwriting Commitment and it will be due and payable in the form of the Fee Shares in connection with the completion of the Offering, provided that the Offering will be completed.
Should Stephen Industries Inc Oy's Subscription Commitment and Underwriting Commitment given in respect of the Offering be exercised, the proportion of voting rights in the Company held by Stephen Industries Inc Oy, and thereby indirectly also by Kustaa Poutiainen, in the Company may exceed the 30 per cent and 50 per cent mandatory public takeover bid thresholds referred to in Chapter 11, Section 19 of the Finnish Securities Markets Act (746/2012, as amended, the "SMA"), in the event that the other shareholders of the Company do not exercise their Subscription Rights in full in the Offering. Stephen Industries Inc Oy and Kustaa Poutiainen have received a permanent exemption from the Finnish Financial Supervisory Authority pursuant to Chapter 11, Section 26 of the SMA from the obligation to launch a mandatory public takeover bid that may arise as a result of exceeding the mandatory public takeover bid thresholds. The exemption is conditional on that Stephen Industries Inc Oy, Kustaa Poutiainen or persons acting in concert with them do not acquire or subscribe for additional shares in Bioretec or otherwise increase their voting rights in Bioretec after the threshold for launching a mandatory public takeover bid has been exceeded. The exemption is additionally conditional on that the arrangement was supported at Extraordinary General Meeting of the Company held on 27 March 2026 by shareholders that are independent of the arrangement representing at least two thirds of the votes cast at the general meeting, which requirement was fulfilled at the Extraordinary General Meeting held on 27 March 2026. The Subscription Commitment and the Underwriting Commitment given by Stephen Industries Inc Oy in respect of the Offering are conditional upon certain customary conditions. In addition, the Subscription Commitment and the Underwriting Commitment are conditional upon no change, event, occurrence, circumstance or development having occurred between the date of the Subscription Commitment and the Underwriting Commitment and the settlement and delivery date of the Offering that, individually or in the aggregate, has had or would reasonably be expected to have a material adverse effect on the business, financial condition, results of operations, assets, liabilities or prospects of the Company and its subsidiaries, taken as a whole.
Furthermore, certain members of the Company's management have indicated that they intend to participate in the Offering as well.
Important dates
Event | Date | |
First trading date without Subscription Rights | 30 March 2026 | |
Record Date of the Offering | 31 March 2026 | |
The Subscription Period for the Offering commences | 7 April 2026 | |
Trading in the Subscription Rights commences on First North | 7 April 2026 | |
Trading in the Interim Shares commences on First North | 8 April 2026 | |
Trading in the Subscription Rights ends on First North | 15 April 2026 | |
The Subscription Period for the Offering ends and unused Subscription Rights become void | 21 April 2026 | |
Announcement of the initial results of the Offering | estimated | 23 April 2026 |
Announcement of the final results of the Offering | estimated | 24 April 2026 |
Trading in the Interim Shares ends on First North | estimated | 28 April 2026 |
The New Shares subscribed for in the Offering are registered in the Trade Register | estimated | 28 April 2026 |
Interim Shares are converted into New Shares | estimated | 28 April 2026 |
Trading in the New Shares commences on First North | estimated | 29 April 2026 |
In connection with the Offering, Bioretec will prepare the Exemption Document in accordance with Article 1(4) (db) of the Prospectus Regulation. The Exemption Document will be available at Bioretec's website at https://investors.bioretec.com/fi/osakeanti_2026 on or about 2 April 2026 before the commencement of the Subscription Period.
The unofficial English-language translation of the Exemption Document will be available at Bioretec's website at https://investors.bioretec.com/en/offering_2026 on or about 2 April 2026 before the commencement of the Subscription Period.
Advisors
DNB Carnegie Investment Bank AB, Finland Branch is acting as the Sole Global Coordinator in the Offering. Krogerus Attorneys Ltd is acting as the legal counsel to the Company. Borenius Attorneys Ltd is acting as the legal counsel to the Sole Global Coordinator. IR Partners Ltd is acting as the communications advisor to the Company.
Bioretec Ltd
The Board of Directors
Further enquiries
Sarah van Hellenberg Hubar-Fisher, CEO, +31 6 1544 8736
Tuukka Paavola, CFO, +358 50 386 0013
Certified adviser
Nordic Certified Adviser AB, +46 70 551 67 29
Information about Bioretec
Bioretec is a globally operating Finnish medical device pioneer at the forefront of transforming orthopedic care with fully biodegradable implant technologies. The company has built unique competencies in the?biological interface?of active implants?to enhance bone growth and accelerate fracture healing after orthopedic surgery. The products developed and manufactured by Bioretec are used worldwide in approximately 40 countries.
The company's latest innovation, the RemeOs product line,?is based on a high-performance magnesium alloy and hybrid composite, introducing a new generation of strong absorbable materials for enhanced surgical outcomes. The RemeOs implants are absorbed and replaced by bone, which eliminates the need for removal surgery while facilitating fracture healing. The first RemeOs product market authorization was received in the U.S. in March 2023, and in Europe, the CE mark approval was received in January 2025.
Bioretec's Activa product line features fully bioabsorbable orthopedic implants made from a proprietary, self-reinforced PLGA both CE marked and FDA cleared for a wide range of indications in adult and pediatric patients.
Bioretec is shaping the future of orthopedic treatment with a focus on healing through absorption, paving the way for more effective and patient-friendly solutions.
To learn more about Bioretec, visit www.bioretec.com
IMPORTANT INFORMATION
The information contained herein does not constitute an offer of securities for sale in the United States, nor may the securities of Bioretec Ltd (the "Company") be offered or sold in the United States absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended, and the rules and regulations thereunder. The Company does not intend to register any portion of the offering in the United States or to offer securities to the public in the United States.
The distribution of this release may be restricted by law and persons into whose possession any document or other information referred to herein comes should inform themselves about and observe any such restrictions. Neither this release nor the information contained herein is for publication, distribution or release, in whole or in part, directly or indirectly, in or into Australia, Canada, The Hong Kong Special Administrative Region of the People's Republic of China, Japan, New Zealand, Singapore, South Africa or the United States or any other jurisdiction in which publication or distribution would be unlawful (the "Restricted Countries"). Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction. This release is not directed to, and is not intended for distribution to or use by, any person or entity that is a citizen or resident or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation or which would require any registration or licensing within such jurisdiction.
This release is not a prospectus within the meaning of the Regulation (EU) 2017/1129 of the European Parliament and of the Council (as amended, the "Prospectus Regulation"), has not been approved by any competent authority and as such, does not constitute or form part of and should not be construed as, an offer to sell, or the solicitation or invitation of any offer to buy, acquire or subscribe for, any securities or an inducement to enter into investment activity. This release neither describes nor purports to describe risks (direct or indirect) that may be associated with an investment in the Company's securities. In connection with the offering, the Company will prepare an exemption document in accordance with Article 1(4) (db) of the Prospectus Regulation. The exemption document will be prepared in accordance with the requirements of Annex IX to the Prospectus Regulation. The exemption document does not constitute a prospectus under the Prospectus Regulation and will neither be reviewed nor approved by the Finnish Financial Supervisory Authority.
The Company has not authorised any offer to the public of securities in the United Kingdom or in any Member State of the European Economic Area other than Finland. With respect to each Member State of the European Economic Area and which applies the Prospectus Regulation (each, a "Relevant Member State"), no action has been undertaken or will be undertaken to make an offer to the public of securities requiring publication of a prospectus in any Relevant Member State. As a result, the securities may only be offered in the Relevant Member States (a) to any legal entity, which fulfils the requirements of a qualified investor as defined in the Prospectus Regulation; or (b) in any other circumstances falling within Article 1(4) of the Prospectus Regulation. For the purposes of this paragraph, the expression "offer of securities to the public" means a communication to persons in any form and by any means, presenting sufficient information on the terms of the offer and the securities to be offered, so as to enable an investor to decide to purchase or subscribe for those securities.
This communication is directed only at persons who are outside the United Kingdom or persons who are qualified investors within the meaning of the Public Offers and Admissions to Trading Regulations 2024 and are also (i) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order") or (ii) high net worth entities, and other persons to whom it may lawfully be communicated, falling within Article 49(2) of the Order (all such persons together being referred to as "Relevant Persons"). Any investment activity to which this communication relates will only be available to, and will only be engaged with, Relevant Persons. Any person who is not a Relevant Person should not act or rely on this document or any of its contents.
No part of this release, nor the fact of its distribution, should form the basis of, or be relied on in connection with, any contract or commitment or investment decision whatsoever. The information contained in this release has not been independently verified. No representation, warranty or undertaking, expressed or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or the opinions contained herein. The Company or any of its respective affiliates, advisors or representatives or any other person, shall have no liability whatsoever (in negligence or otherwise) for any loss however arising from any use of this release or its contents or otherwise arising in connection with this release. Each person must rely on their own examination and analysis of the Company, its subsidiaries, its securities and the offering, including the merits and risks involved.
The Sole Global Coordinator is acting exclusively for the Company and no one else in connection with the offering. It will not regard any other person as its respective client in relation to the offering. The Sole Global Coordinator will not be responsible to anyone other than the Company for providing the protections afforded to its respective clients nor for giving advice in relation to the offering or any transaction or arrangement referred to herein.
Notice to distributors
Solely for the purposes of the product governance requirements set forth in (a) Directive 2014/65/EU (as amended, "MiFID II"); (b) Articles 9 and 10 of the Commission Delegated Directive 2017/593/EU supplementing MiFID II; and (c) local implementation measures (together "MiFID II Product Governance Requirements"), and disclaiming any liability the "manufacturer" (due to MiFID II Product Governance Requirements) may otherwise have, regardless of whether the liability is based on infringement, contract or otherwise, the Subscription Rights and the New Shares have been subject to an approval process whereby each of them: (i) satisfies the target market requirements of end customers for retail investors, as well as the requirements for investors defined as professional clients and eligible counterparties, as separately defined in MiFID II (the "Target Market Assessment"); and (ii) are suitable for offering through all distribution channels, as permitted in MiFID II, but not in any case to Restricted Countries. Distributors should note that the value of Subscription Rights and New Shares may decline and investors may not be able to recover all or part of the amount they have invested; Subscription Rights and New Shares do not guarantee any profits or capital protection; and investments in Subscription Rights and New Shares are suitable only for investors who do not need guaranteed profits or capital protection, and who (alone or in conjunction with an appropriate financial or other advisor) are able to assess the benefits and risks of such investment and have sufficient funds from investments to cover any losses incurred. The target market assessment does not affect the sales restrictions based on agreement, law or other regulation in the Offering.
The Target Market Assessment should not be considered as (a) an assessment of appropriateness or suitability under MiFID II or (b) a recommendation to an investor or a group of investors to invest, acquire or take any other action regarding the Subscription Rights or the New Shares. Each distributor is responsible for its own Target Market Assessment of the Subscription Rights and the New Shares and for determining the appropriate distribution channels.
FORWARD-LOOKING STATEMENTS
Certain statements in this release are "forward-looking statements." Forward-looking statements include statements concerning plans, assumptions, projections, objectives, targets, goals, strategies, future events, future revenues or performance, capital expenditures, financing needs, plans or intentions relating to acquisitions, the Company's competitive strengths and weaknesses, plans or goals relating to financial position, future operations and development, its business strategy and the anticipated trends in the industry and the political and legal environment in which it operates and other information that is not historical information. In some instances, they can be identified by the use of forward-looking terminology, including the terms "believes," "intends," "may," "will" or "should" or, in each case, their negative or variations on comparable terminology.
Forward-looking statements in this release are based on assumptions. Forward-looking statements involve inherent risks, uncertainties and assumptions, both general and specific, and the risk exists that the predictions, forecasts, projections, plans and other forward-looking statements will not be achieved. Given these risks, uncertainties and assumptions, you are cautioned not to place undue reliance on such forward-looking statements. Any forward-looking statements contained herein speak only as at the date of this release. Save as required by law, the Company does not intend to, and does not assume any obligation to, update or correct any forward-looking statement contained in this release.
Appendix - Terms and Conditions of the Offering
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