MAUNA KEA TECHNOLOGIES (EPA:MKEA) Mauna Kea Technologies reinitializes its equity financing line with Société Générale

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31/07/2015 17:51

COMMUNIQUÉ DE PRESSE

   MAUNA KEA TECHNOLOGIES REINITIALIZES ITS EQUITY LINE WITH SOCIÉTÉ GÉNÉRALE

PARIS, July 31 2015 - Mauna Kea Technologies (Euronext: MKEA; ISIN:
FR0010609263, PEA-PME eligible), inventor of Cellvizio(r), a multidisciplinary
confocal laser endomicroscopy platform, announced today the reinitialization of
its equity line with Société Générale by issuing 1,180,000 share warrants,
pursuant to the 14th resolution of the Shareholders General Meeting held on 27
May 2015 and Article L. 225-138 of the French Commercial Code.

Under the previous equity line, announced by press release on March 12, 2015,
Société Générale agreed to subscribe 1,390,000 new shares upon exercise of
the share warrants subscribed by them. On the basis of this initial equity line,
210,000 new shares had been issued following the draws down made by Société
Générale, until this equity line was suspended due to the private placement
completed by the Company at the beginning of May 2015.

At the current price(1) of the Mauna Kea Technologies share the use of this new
equity line, the size of which corresponds to the balance of the first equity
line, would provide additional financing of EUR 4.1 million to the Company. This
financing will be used to improve the cash position of Mauna Kea Technologies,
which amounted to EUR 12 million as of June 30, 2015, as indicated in the  press
release on 1st  quarter 2015 sales, and to finance its commercial development.

Under the terms of this new equity line, and subject to certain conditions,
Société Générale undertook to subscribe, in one or several tranches, for
1,180,000 new shares (representing 7.6% of current capital) upon exercise of the
share warrants issued to them, over the next 12 months, at its own pace and
timing, half of which being subscribed during the 6 months following the share
warrants issue date. Assuming that all of this new equity line is used, and
provided that the Company can suspend it at any time, a shareholder holding 1%
of the capital today would see such holding reduced to 0.93% of the capital.

For each tranche, the issuing price for new shares will be subject to a 5%
discount compared to the volume weighted average price (VWAP) of the last three
trading days preceding its determination, it being specified that this issue
price cannot be less than 3 euros. This discount enables Société Générale,
which does not intend to remain shareholder of the Company, to underwrite the
new shares subscription despite the possible volatility of the financial
markets.

The number of shares issued pursuant to this new equity line will be the subject
of a monthly communication from the Company. By way of exception, in the event
that the Company would consider that any tranche constitute inside information,
with respect to its volume or the circumstances under which it is drawn down, it
will inform Société Générale, and will issue, as soon as possible, an
effective and full release related to such tranche.

As of 30 June 2015, the Company had a cash flow of EUR 12 million covering the
cash requirements of the Group until June 30, 2016, i.e. for an 11-month period
from the date this equity line was established. To cover the needs of the Group
for the next 12 months after this date, the Company considers it would need an
additional EUR 1 million, which should be obtained through this new equity line.
In the event this new equity line would not be sufficient to cover the Group's
cash flow needs, the Company would consider other forms of additional financing
to meet its needs.

In accordance with the terms of AMF position-recommendation no. 2012-18 the
Company undertakes to communicate any new material information concerning any
change of the cash needs of the Group as described above and, in such case, to
suspend the execution of this equity line until the release of a communication
notifying the market of this change.

About Mauna Kea Technologies
Mauna Kea Technologies is a worldwide medical device business with a mission of
protecting patient's lives by enabling doctors and surgeons to make the best
decisions using direct visualization on the cellular level. Cellvizio, the
Company's flagship product, has received marketing agreements for a broad
variety of applications in over 40 countries, including the United States,
Europe, Japan, China, Canada, Brazil, and Mexico. To learn more about Mauna Kea
Technologies, visit www.maunakeatech.com

Mauna Kea Technologies
Eric Cohen
Vice President Finance
Phone: +33 (0)1 70 08 09 70
investor-vpf@maunakeatech.com

France & Europe
NewCap - Investor Relations / Strategic Communication
Florent Alba / Pierre Laurent
Phone: +33 (0)1 44 71 94 94
maunakea@newcap.fr

Disclaimer

This press release contains forward-looking statements concerning Mauna Kea
Technologies and its activities. Such forward- looking statements are based on
assumptions that Mauna Kea Technologies considers to be reasonable. However,
there can be no assurance that the anticipated events contained in such
forward-looking statements will occur. Forward-looking statements are subject to
numerous risks and uncertainties including the risks set forth in the
registration document of Mauna Kea Technologies registered by the French
Financial Markets Authority (Autorité des marchés financiers (AMF)) on 24 June
2015 under number R.15-056 and available on the Company's website
(www.maunakeatech.com), and to the development of economic situation, financial
markets, and the markets in which Mauna Kea Technologies operates. The
forward-looking statements contained in this release are also subject to risks
unknown to Mauna Kea Technologies or that Mauna Kea Technologies does not
consider material at this time. The realization of all or part of these risks
could lead to actual results, financial conditions, performances or achievements
by Mauna Kea Technologies that differ significantly from the results, financial
conditions, performances or achievements expressed in such forward-looking
statements.

This press release and the information it contains do not constitute an offer to
sell or to subscribe for, or a solicitation of an order to purchase or subscribe
for, Mauna Kea Technologies shares in any country.

(1) 3.62 euros at the closing price on 30 July 2015.
(2) On the basis of the 15 476 707 shares that compose the capital assets of
Mauna Kea Technologies as of the date of this press release.

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