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Vistin Pharma to raise 300M kroner in private placement

Vistin Pharma ASA plans a private placement for gross proceeds of up to about 300 million Norwegian kroner.

The producer of diabetes treatment metformin expects to issue up to 26,785,715 new shares directed toward Norwegian and international investors for a subscription price of 11.20 kroner per share.

Vistin Pharma's largest shareholder, Øystein Spetalen, has indicated plans to subscribe for his pro rata share of the private placement.

The application period for the placement will start March 22 and close March 23.

Oslo-based Vistin expects to use the net proceeds from the placement to fund the establishment of its energy trading business and trading activities within this area.

The company has retained DNB Markets to advise on and implement the private placement.

In case the private placement is successfully completed, the company's board will not propose a dividend to be paid as announced in a Feb. 27 release.

As of March 22, US$1 was equivalent to 7.73 Norwegian kronor.