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
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
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
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
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