EMGS: EMGS - Settlement of the convertible bond loan to North Energy With reference to the announcement of the strategic agreement between North Energy ASA and Electromagnetic Geoservices ASA (EMGS) on 21 January 2014, EMGS has now settled the NOK 75 million convertible bond loan to North Energy as follows; EMGS has converted NOK 28.4 million of the loan into 6,851,463 shares in North Energy, at a strike price of NOK 4.1451. In addition, the Company, receives interest of NOK 0.9 million. After the transaction, EMGS holds 11,850,000 shares in North Energy, representing 9.96% of all outstanding shares. "North Energy has established its strategy on the use of EM technology as an integrated part of the company's exploration workflow. We are excited to become a substantial shareholder, as well as exploring mutually beneficial opportunities with North Energy going forward", says CEO of EMGS, Roar Bekker. The remaining of the convertible bond loan, NOK 46.6 million plus interest of NOK 1.5 million will be settled in cash on the settlement date 2September 2014. Contacts Roar Bekker, EMGS chief executive officer, +47 911 41 149 Svein Knudsen, EMGS chief financial officer, +47 911 41 149 Charlotte Knudsen, EMGS head of investor relations, +47 97 56 19 59 About EMGS EMGS, the marine EM market leader, uses its proprietary electromagnetic (EM) technology to support oil and gas companies in their search for offshore hydrocarbons. EMGS supports each stage in the workflow, from survey design and data acquisition to processing and interpretation. The company's services enable the integration of EM data with seismic and other geophysical and geological information to give explorationists a clearer and more complete understanding of the subsurface. This improves exploration efficiency and reduces risks and the finding costs per barrel. EMGS operates on a worldwide basis with main offices in Trondheim and Oslo, Norway; Houston, USA; and Kuala Lumpur, Malaysia. For more information, visit www.emgs.com This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian 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: EMGS via Globenewswire HUG#1849869
EMGS: EMGS - Settlement of the convertible bond loan to North Energy
Press spacebar to pause and continue. Press esc to stop.