Successful NOK 40 million privat placement

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Codfarmers has successfully closed the private placement announced on 25 June 2009. The company has placed 10 million shares priced at NOK 4 per share to existing shareholders and new investors, with gross proceed of NOK 40 million. The Company will also carry through a rights issue of up to 2 million new shares. The subscription price in the rights issue will be the same as in the share issue referred to above, NOK 4 per share. The Company’s shareholders as of 25 June 2009 will have preferential non-transferable rights to subscribe for shares in the subsequent offering based on their shareholding as of that date. Investors being allotted shares in the private placement will not be entitled to subscribe for any shares in the rights issue. The share issues are subject to being approved by the extraordinary general meeting of the Company (EGM), which will be held on or about 10 July 2009. Further, the share issues are also subject to the restructuring of the company’s outstanding convertible loan, as described in the company announcement yesterday, having been approved by the EGM and the bondholders. The shares to be issued in the share issues will not be tradable on Oslo Børs until the respective share capital increase has been (i) resolved by the EGM, (ii) the shares have been fully paid; (iii) the share capital increase has been registered in the Norwegian register of business enterprises (Foretaksregisteret); (iv) the shares have been registered with the VPS; and (v) a combined listing prospectus for the private placement shares and a offering prospectus for the rights issue has been approved by Oslo Børs and published. The Board of Directors is very pleased with the result from the placement. The Company now has a strong and diversified shareholder structure, including high-quality Norwegian and international institutional investors. Mr Michael Malling, CEO of Codfarmers, stated `We are encouraged by the market support expressed for Codfarmers, especially in this time of financial market uncertainty. The net proceeds from the private placement, together with the contemplated restructuring of the company’s convertible bond loan and the loan from Innovasjon Norge represents a valuable opportunity for Codfarmers to continue its position as the leading developer in the cod farming industry’. The shares to be offered have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the `U.S. Securities Act`), or any state securities laws, and will be offered within the United States only to qualified institutional buyers (`QIB`), as defined in Rule 144A under the U.S. Securities Act (`Rule 144A`) in reliance upon the exemption from the registration requirements provided by section 4(2) of the U.S. Securities Act Rule 144A, and to certain non-U.S. persons in offshore transactions in reliance on Regulation S under the U.S. Securities Act. The shares and bonds to be offered will be subject to certain restrictions on transfer. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The private placements are managed by DnB NOR Markets as manager and NRP Securities ASA as co-manager. This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act) Oslo, 26 June 2009 Codfarmers ASA For further information, please contact: Michael Malling CEO - phone: +47 22 40 33 94 Harald Dahl COB - phone: +47 90 11 92 82