OSLO: Vow Green Metals AS and Midas Industri AS, a newly formed Norwegian company backed by HitecVision, announced Thursday that they have entered into an agreement for a voluntary tender offer to acquire all outstanding shares in Vow Green Metals at NOK 0.95 per share.
The offer represents a 73% premium over Wednesday’s closing price and a 57% premium to the 30-day volume-weighted average price. The board of Vow Green Metals unanimously recommended the deal, citing a fairness opinion from Clarksons Securities AS.
Key shareholders, including VOW ASA and members of the company’s board and management, representing 48.67% of shares, have committed to accepting the offer. An additional 18.53% of shares will be transferred to Midas Industri under a separate rollover agreement. In total, 67.19% of shares have been committed to the deal.
“This solution provides the best opportunity to realize Vow Green Metals’ full potential,” said CEO Cecilie Jonassen.
The agreement follows months of financial uncertainty for Vow Green Metals, which had warned of a critical cash shortage in April. The company had initially pursued a funding deal with Obligo Nordic Climate Impact Fund but terminated that agreement in favor of the HitecVision-backed offer.
As part of the deal, Vow Green Metals secured short-term liquidity extensions from lenders, including SpareBank 1 Sør-Norge ASA and DNB Bank ASA, to sustain operations until August.
The tender offer is expected to launch May 19, pending regulatory approvals. If the 90% acceptance threshold is not met, the board said it may consider alternatives, including a rights issue or asset sales.
The offer is final and will not be increased, Midas Industri said.
Vow Green Metals specializes in sustainable metal production and is developing the Hønefoss project, a key initiative now delayed until early 2026.