LAVO.TV AS announced that it has entered into zero coupon convertible note facility of NOK 30 million with from European High Growth Opportunities Securitization Fund, a fund managed by Blue Ocean Advisors Inc. on March 12, 2018. The company will receive the convertible note facility in fourteen tranches, the first tranche of NOK 4 million and the following NOK 2 million each in convertible bonds over a period of two years. The third and fourth tranches may be drawn 30 business days after the registration of the previous tranche. Further tranches may be drawn in various intervals as further set detailed in the agreement. Each tranche entitles the investor to warrants equal to 100% of the relevant total nominal value of the convertible bonds issued in each tranche. The conversion price of the convertible bonds shall be equal to 85 % of the lowest closing bid price observed over the twenty trading days immediately preceding the issuance of a conversion notice by the investor rounded down to the nearest NOK 1/100. The convertible bonds shall be convertible at the option of the investor will automatically be converted into new or existing shares of the company in twelve months after their issuance date. In respect of each tranche, the company will issue warrants to the investor the right to subscribe a number of shares for a total equal to 100% of the nominal value of the convertible bonds the warrants were attached up to NOK 30 million. The exercise price of the warrants shall be equal to 110% of the lowest daily VWAPs of the twenty trading days immediately preceding the issuance of a drawdown notice of a tranche by the company. The warrants issued in connection with the two first tranches will have an exercise price equal to the lower of NOK 2 and the lowest closing price of the shares on Merkur Market during the five first trading days. The exercise period of the warrants shall be in respect of 50% of the warrants under each tranche, the period ending on the earlier of the date falling three years from their date of issuance and March 14, 2023 and in respect of the remaining 50% of warrants under a tranche, the period ending March 14, 2023.