Important Update on Tasnee Strategic Investment
Nov 15, 2013
Dyesol and Tasnee have today agreed to continue their strategic investment relationship on the following concurrent terms:
1. Immediate Conversion of $4.1 million Dyesol Convertible Note
Tasnee agrees to immediately convert the $4.1 million convertible note issued by Dyesol on 14 March 2013 into ordinary shares at the conversion price set under the terms of the note of 16.6 cents per share. Tasnee agrees to a standstill in relation to further purchases or sales of Dyesol shares until May 31 2014 unless under the terms of the Subscription Agreement.
2. Extension of the Strategic Investment Option until November 27 2013
Based on wide ranging discussion in Riyadh last week, Dyesol agrees to provide Tasnee and its subsidiaries with an effective 2 weeks extension on its option to invest $16 million in Dyesol at 18 cents per share until Nov 27 2013. The extension, granted in good faith, is made to allow corporate governance procedures and documentation required at the Tasnee subsidiary level before formal confirmation of Tasnee’s investment decision.
Richard Caldwell
Executive Chairman & CEO
Dyesol Limited
About Dyesol Limited
Dyesol is a global supplier of Dye Solar Cell (DSC) materials, technology and know-how. DSC is a photovoltaic technology enabling metal, glass and polymeric based products in the building, transport and electronics sectors to generate energy and improve energy efficiency. Dyesol partners with leading multinational companies who possess significant market share and established routes-to-market. The company is listed on the Australian Stock Exchange (DYE), the German Open Market (D5I), and is trading on the OTCQX (DYSOY) through its depositary BNY Mellon. Learn more and subscribe to our mailing list: www.dyesol.com
About Dye Solar Cell Technology
DSC technology can best be described as ‘artificial photosynthesis’ using an electrolyte, a layer of titania (a pigment used in white paints and tooth paste) and ruthenium dye deposited on glass, metal or polymer substrates. Light striking the dye excites electrons which are absorbed by the titania to become an electric current. Compared to conventional silicon based photovoltaic technology, Dyesol’s technology has lower cost and embodied energy in manufacture, it produces electricity more efficiently even in low light conditions and can be directly incorporated into buildings by replacing conventional glass panels or metal sheets rather than taking up roof or extra land area.
- Ends -
Media & Investor Relations Contacts:
Dyesol Headquarters Angela Geary, Dyesol Brand Manager Tel: +61 (0)2 6299 1592, ageary@dyesol.com
Australia Viv Hardy, Callidus PR Tel: +61(0)2 9283 4113 or +61 (0)411 208 951, viv@calliduspr.com
Germany & Europe Eva Reuter, DR Reuter Investor Relations Tel: +49 177 605 8804, e.reuter@dr-reuter.eu
- See more at: www.dyesol.com/posts/...tegic-investment/#sthash.ap46nCor.dpuf