Reference is made to the stock exchange notifications published by Electromagnetic Geoservices ASA (“EMGS” or the “Company”) pertaining to the Comprehensive Refinancing, including the stock exchange notifications published on 16 April 2018 and 19 April 2018.
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, TO U.S. NEWS WIRE SERVICES, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, HONG KONG, SINGAPORE OR ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL. THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER TO BUY, SELL OR SUBSCRIBE FOR ANY SECURITIES DESCRIBED HEREIN.
The subscription period in the Rights Issue and the Bond Issue ended on 4 May 2018, at 12:00 CET.
Result of Rights Issue
Under the Rights Issue, the Company will issue a maximum of 39,540,816 new shares, each at a subscription price of NOK 2.45.
The Rights Issue was substantially oversubscribed, with over 48 million new shares being subscribed for. Hence, the Company will issue the maximum number of new shares (39,540,816).
Notifications of allocated new shares and the corresponding amount to be paid by each subscriber will be sent to the subscribers today, 7 May 2018. Subscribers having access to investor services through their VPS account will be able to check the number of new shares allocated to them from 14:00 CET today. Payment for the allocated new shares falls due on 9 May 2018.The new shares may not be transferred or traded until they are fully paid by the individual subscriber and the new shares have been registered with the Register of Business Enterprises. Subject to payments being received when due, the new shares are expected to be delivered to the respective subscribers’ VPS account on or about 15 May 2018.
The new shares are expected to commence trading on Oslo Børs on or about 15 May 2018.Following the registration of the new share capital in the Norwegian Register of Business Enterprises, the Company will have 130,969,690 shares outstanding, each with a par value of NOK 1.00.
Result of Bond Issue
Under the Bond Issue, the Company will issue 325,000 convertible bonds, each with a par value of USD 100, equal to a total issue amount of USD 32,500,000.
A total of 222,240 bonds, equal to USD 22,224,000, were subscribed for under the Bond Issue. In accordance with the terms of the Underwriting Agreements, the remaining 102,760 bonds, equal to USD 10,276,000, have been allocated to the Underwriters. Based on the respective underwriting obligations of each of the Underwriters, and the amounts already subscribed for by each of them under the Bond Issue, 49,060 bonds were allocated to Siem Investments Inc. and 53,700 bonds were allocated to Perestroika AS.
As further described in the Prospectus and the Bond Issue subscription form, payment for the bonds issued under the Bond Issue will need to have been made on or before 9 May 2018.
For further information, please contact:
Hege Veiseth, CFO, +47 99 21 67 43