Induct Software AS (OB:INDUCT-ME) announced a private placement of a zero coupon convertible note facility for gross proceeds of NOK 50,000,000 on January 10, 2018. The transaction will include participation from new investor European High Growth Opportunities Securitization Fund, a fund managed by Blue Ocean Advisors Inc. The convertible bonds are convertible at a conversion price equal to the 90% of the lowest daily volume weighted average price over a period of 20 trading days immediately preceding the issuance. The convertible note facility is conditional on agreement on the final documentation.

The company expects to receive funding in 20 tranches of NOK 2,500,000 each over a period of three years. Each tranche may be drawn down of maximum 30 days following the issuance of the single tranche. The company will be obligated to draw down four tranches within one year from the signing of the agreement.

The company will also issue warrants to the investor equal to 50% of the total nominal value of the convertible bonds exercisable for a period of two years. The company will pay commitment fee equal to 2% of the gross proceeds. The transaction is subject to shareholders' approval at its extraordinary general meeting.