One (1) warrant entitles the holder to subscribe for one (1) new shares in the Company for the price which corresponds to fifty (50) percent of the average volume-weighted price for the share according to Nasdaq First North's official price statistics during the period of ten (10) trading days ending two (2) banking days before the exercise period begins. The Company will publish the subscription price the day before the first day of the exercise period. The subscription price shall be rounded off to the nearest integer. The subscription price shall not exceed SEK 0.40 per share. The subscription price shall not be less than SEK 0.20 per share. Subscription in the Company with the support of warrants can take place during the period from December 14, 2016 until December 29, 2016.

Update (12.12.2016): Subscription price determined for warrant TO 5, application period begins.

One (1) warrant entitles the holder to subscribe for (1) new share in the Company during the period from December 18, 2017 until December 29, 2017 at a price corresponding to 50 percent of the volume-weighted share price ten (10) trading days prior the subscription period begins. The share price can not be less than SEK 0.05 or exceed of SEK 0.60 per share.

One (1) warrant entitles the holder to subscribe for one (1) new share in the Company for the price which correponds to the average volume-weighted price during the period from May 22, 2019 until June 5, 2019 with a discount of thirty (30) percent, but no less than SEK 0.13 and not more than SEK 0.26 per share. The subscription period for subscription of shares with the support of the warrants will take place from June 7, 2019 until June 20, 2019.

Update (05.06.2019): The subscription price for the exercise of series TO 7 warrants in Cortus Energy has been set at SEK 0.26.