Bridget Klebaur 11.21.13
Dyesol and Tasnee have agreed to continue their strategic investment relationship on the following concurrent terms:
1. Immediate Conversion of $4.1 million Dyesol Convertible Note: Tasnee agrees to immediately convert the $4.1 million convertible note issued by Dyesol on March 14, 2013 into ordinary shares at the conversion price set under the terms of the note of 16.6 cents per share. Tasnee agrees to a standstill in relation to further purchases or sales of Dyesol shares until May 31 2014 unless under the terms of the Subscription Agreement.
2. Extension of the Strategic Investment Option until Nov. 27 2013: Based on wide ranging discussion in Riyadh last week, Dyesol agrees to provide Tasnee and its subsidiaries with an effective two weeks extension on its option to invest $16 million in Dyesol at 18 cents per share until Nov. 27 2013. The extension, granted in good faith, is made to allow corporate governance procedures and documentation required at the Tasnee subsidiary level before formal confirmation of Tasnee’s investment decision.
1. Immediate Conversion of $4.1 million Dyesol Convertible Note: Tasnee agrees to immediately convert the $4.1 million convertible note issued by Dyesol on March 14, 2013 into ordinary shares at the conversion price set under the terms of the note of 16.6 cents per share. Tasnee agrees to a standstill in relation to further purchases or sales of Dyesol shares until May 31 2014 unless under the terms of the Subscription Agreement.
2. Extension of the Strategic Investment Option until Nov. 27 2013: Based on wide ranging discussion in Riyadh last week, Dyesol agrees to provide Tasnee and its subsidiaries with an effective two weeks extension on its option to invest $16 million in Dyesol at 18 cents per share until Nov. 27 2013. The extension, granted in good faith, is made to allow corporate governance procedures and documentation required at the Tasnee subsidiary level before formal confirmation of Tasnee’s investment decision.