STRAX Board of Directors Has Resolved, by Virtue of Authorization, on an Issue of EUR 1.5 Million.

STOCKHOLM, Dec. 13, 2017 /PRNewswire/ --

The Board of Directors of Strax AB (publ) ("Strax" or the "Company") has resolved, by virtue of authorization from the annual general meeting held on 23 May 2017, on an issue of 2,830,066 shares, for which payment shall be made by set-off of claims of EUR 1,500,000 (the "Issue").

The Issue is made to R.F. International B.V. against payment by set-off of claims. The claims are based on the acquisition of all outstanding shares of Telecom Lifestyle Fashion (TLF), as further described in the interim report for the third quarter of 2017. The reason for the deviation from the shareholders' pre-emption rights is that payment for the shares shall be made by set-off of claims.

The Issue will result in an increase of the number of shares in Strax by 2,830,066 from 117,762,266 to 120,592,332 and an increase of the share capital by approximately EUR 296,264.43 from EUR 12,327,900.13 to EUR 12,624,164.56, resulting in a dilution of approximately 2.3 percent for Strax's existing shareholders after the Issue.

"TLF's licensed brands and expertise in managing global brands, such as adidas and bugatti, under licensing arrangements will bring significant value to STRAX. We are excited to have TLF fully integrated under STRAX, which in itself brings multiple new opportunities to both companies", says Gudmundur Palmason, CEO of STRAX.

For further information please contact Gudmundur Palmason, CEO, Strax AB, +46-8-545-01750

This information is information that Strax AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above at 17:40 CET on December 13 2017.

This information was brought to you by Cision http://news.cision.com
http://news.cision.com/strax/r/straxboard-of-directors-has-resolved--by-virtue-of-authorization--on-an-issue-of-eur-1-5-million-,c2413812

The following files are available for download:

SOURCE Strax