North Energy: North Energy ASA: EMGS increases its ownership in North Energy

 North Energy: North Energy ASA: EMGS increases its ownership in North Energy  Alta, 20 August 2014  North Energy ASA refers to the decision of an extraordinary general meeting to issue a convertible loan of NOK 75 million to Electromagnetic Geos ASA  (EMGS)  on 13 February 2014.  A request has  been received by  North Energy  from EMGS to  convert NOK  28.4  million of the convertible loan into  North Energy shares. The remaining  loan  balance of NOK 46.6 million falls due on 2 September 2014.  The company will implement the conversion of the loan into shares in line with the decision of the  general meeting as soon  as practically possible.  Shares  issued as a result of the conversion  are priced at NOK 4.1451 per share.  The  company will accordingly  issue 6,851,463  new shares to  EMGS. Following  the  conversion, EMGS will own 11,851.463 shares in North Energy, corresponding to 9.96 per cent.  Issuing shares  in  accordance  with  the conversion  is  conditional  on  the  consequent capital  increase being  registered in  the Norwegian  Register  of  Business Enterprises. Following such registration, the company's share capital will be NOK  119,047,065, divided  between 119,047,065 shares  with a  nominal  value of NOK 1. The company will  issue a new announcement to the market  when  the capital increase has been registered in the Norwegian Register of Business Enterprises.  «North Energy is pleased that EMGS has chosen toconvert the loan into shares. The conversion further strengthens the financial position of North Energy.  We  welcome EMGS as larger shareholder in the company and look forward to continue the good cooperation» says CEO Erik Karlstrøm.  Further information from:  Erik Karlstrøm, CEO Mob: +47 476 52990 | E-mail: erik.karlstrom@northenergy.no  Knut Sæberg, CFO Mob: +47 918 00 720 | E-mail: knut.saeberg@northenergy.no  Kristin Ingebrigtsen, VP organisation and communication Mob: +47 926 05 601 E-mail: kristin.ingebrigtsen@northenergy.no  This information is mandatory under Section 5-12 of the Securities Trading Act.   ------------------------------------------------------------------------------  This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients. The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein. Source: North Energy via Globenewswire HUG#1849864  
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