Leclanché SA announced that it expects to receive CHF 36 million in funding from Recharge A/S
The company will receive CHF 8,000,000 under facility B. Facility B will be convertible into the common shares of the company at a price which will be lower of; CHF 3, if conversion occurs before September 30, 2015 then CHF 2.50, 85% of the 15-day volume-weighted average price of the shares, or the subscription price at which existing shareholders may subscribe for new shares in any future rights offering. The company will pay an arrangement fee to the lender for the facility as a whole in the amount of CHF 325,000. Both the facilities will mature on June 30, 2016. The transaction is subject to the shareholders' approval in the extraordinary shareholders meeting to be held on January 5, 2015.
On January 5, 2015, the company announced that the transaction has been approved at its extraordinary general meeting. As a part of the transaction, Scott Campbell Macaw and Robert Aron Robertsson of Recharge ApS will join the company's board of directors. Heuking Kühn Lüer Wojtek's team led by Günther M. Bredow and including Christian Staps and Klaus Weinand-Härer Thomas Brönnimann and Philipp Haas of Niederer Kraft & Frey acted as legal advisors to the company.
On July 2, 2015, the company announced that it has amended the terms of the transaction. The company will now receive additional CHF 5,000,000 under facility B bringing the total to CHF 13,000,000 under facility B. The company will now receive a total of CHF 26,000,000 in this transaction.
On March 7, 2016, the company announced that it will receive additional CHF 10,000,000 under facility C. The company will now receive a total of CHF 36,000,000 in this transaction. The facility matures on June 30, 2017, carries an annual nominal interest rate of 8% and is convertible into new shares of the company. The conversion price is the lower of CHF 2.86, 85% of the 15-days volume-weighted average price of the shares, or the subscription price in any future rights offering.