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
«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: firstname.lastname@example.org
Knut Sæberg, CFO
Mob: +47 918 00 720 | E-mail: email@example.com
Kristin Ingebrigtsen, VP organisation and communication
Mob: +47 926 05 601 E-mail: firstname.lastname@example.org
This information is mandatory under Section 5-12 of the Securities Trading
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
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