Dublin, Ireland, 13 June 2016: Reference is made to the stock exchange announcement made by Navamedic ASA ("NAVA" or the "Company") earlier today regarding the Company entering into a strategic partnership and 8-year distribution agreement with TopRidge Pharma Limited ("TopRidge"), an associated company of Tibet Rhodiola Pharmaceutical Holding Co ("Tibet Pharma"), including the investment to be made by TopRidge' wholly-owned subsidiary, TopRidge Pharma (Ireland) Limited ("TopRidge Ireland"), in the Company to further substantiate the strategic partnership between the parties.
TopRidge Ireland has today entered into an agreement with NAVA for the subscription and allocation of 1,417,522 new shares in the Company at a subscription price of NOK 8.00 per share, representing approximately 13.04% of the share capital of the Company based on a total number of outstanding shares of 10,867,673 reflecting the issuance of the new shares to TopRidge Ireland. Prior to this transaction, TopRidge Ireland held no shares in the Company. The shares held by TopRidge Ireland are subject to a 12-month lock-up agreement.
TopRidge is a wholly-owned subsidiary of Tibet Pharma, a public company based in the People's Republic of China and listed on the Shanghai Stock Exchange.