POLARCUS LIMITED - SUCCESSFULLY COMPLETES PRIVATE PLACEMENT
3/14/2012 3:25 AM EST
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE
OR IN PART DIRECTLY OR INDIRECTLY, IN AUSTRALIA,
CANADA, JAPAN OR THE UNITED STATES
Reference is made to the stock exchange notice
published by Polarcus Limited ("Polarcus" or the
"Company") on 13 March 2012 regarding the contemplated
private placement of new shares (the "Private
Placement").
The Board of Directors of Polarcus is pleased to
announce that the Private Placement has been
successfully subscribed for and allocated. The
transaction was substantially oversubscribed.
The book-building period for the Private Placement
closed on 13 March 2012, and the Board has resolved to
allocate 40,000,000 new shares at a subscription price
of NOK 5.80 per share. Total gross proceeds from the
Private Placement amount to approximately USD 40.7
million or NOK 232 million. Following the Private
Placement, the Company will have 507,196,179 shares
outstanding. Polarcus does not intend to conduct a
subsequent repair issue.
The net proceeds to the Company raised in the Private
Placement will be used for working capital purposes,
investments in multi-client projects and additional
streamer equipment.
Allocation notices will be sent today, 14 March 2012.
Payment of shares will be 19 March 2012. The shares
are issued and tradable as from today. Allocated
shares will be delivered on 19 March 2012 subject to
timely payment.
The Private Placement was managed by SEB Enskilda and
DNB Markets.
Contacts
Rolf Rønningen, CEO Polarcus,
+971 4 436 0800 / +971 50 459 6982
Tom Henrik Sundby, CFO Polarcus,
+971 4 436 0800 / +971 50 708 6480
About Polarcus
Polarcus (OAX: PLCS) is a pure play marine geophysical
company with a pioneering environmental agenda,
specializing in high-end towed streamer data
acquisition from Pole to Pole. Polarcus operates a
fleet of high performance 3D seismic vessels
incorporating an innovative design and advanced
maritime technologies for improved safety and
efficiency. Polarcus offers contract seismic surveys
and multi-client projects worldwide and employs over
500 professionals. The Company's principal office is
in Dubai, United Arab Emirates. For more information,
visit www.polarcus.com.
This publication is not for distribution, directly or
indirectly, in or into the United States, nor is it an
offer for sale of or the solicitation of an offer to
purchase securities in the United States. Any
securities referred to herein have not been registered
under the U.S. Securities Act of 1933, as amended (the
"U.S. Securities Act"), and may not be offered or
sold in the United States absent registration or
pursuant to an exemption from registration under the
U.S. Securities Act. North Energy ASA does not intend
to register any portion of the offering of the
securities in the United States or to conduct a public
offering of the securities in the United States.
Copies of this publication are not being, and may not
be, distributed or sent into the United States.
This information is subject of the disclosure
requirements acc. To §5-12 (Norwegian Securities
Trading Act)