Completion of subsequent offering
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART DIRECTLY OR INDIRECTLY, IN AUSTRALIA, CANADA, JAPAN OR THE UNITED STATES
Stavanger, 14 November 2012
Reference is made to the stock exchange announcement and the prospectus dated 29 October 2012 concerning the subsequent offering (the "Subsequent Offering") of up to 18,918,918 shares (the "Offer Shares") in Norwegian Energy Company ASA ("Noreco" or the "Company") at a subscription price of NOK 3.70 per share.
The subscription period in the Subsequent Offering ended on 13 November 2012 at 16.30 hours (CET). As a result of the Subsequent Offering, Noreco will issue 1,038,010 Offer Shares at NOK 3.70 per share raising gross proceeds of approximately NOK 3.8 million.
All subscribers being allotted Offer Shares will receive a letter confirming the number of Offer Shares allotted to the subscriber and the corresponding amount to be paid. This letter is expected to be distributed today.
Payment for the Offer Shares will fall due on 19 November 2012 and delivery will take place on or about 21 November 2012. Following registration of the issue of the Offer Shares the total number of issued shares in Noreco will increase by 1,038,010 shares, from 352,793,101 shares to 353,831,111 shares.
The Offer Shares may not be transferred or traded before they are fully paid and the share capital increase pertaining to the Subsequent Offering has been registered with the Norwegian Register of Business Enterprises. It is expected that the share capital increase will be registered in the Norwegian Register of Business Enterprises on or about 21 November 2012 and that the Offer Shares will immediately thereafter be admitted to trading on Oslo Børs.
DNB Markets, a part of DNB Bank ASA, Pareto Securities AS and Skandinaviska Enskilda Banken AB (publ) Oslo Branch (SEB Enskilda) are acting as joint lead managers and joint bookrunners for the Subsequent Offering.
Einar Gjelsvik, CEO, +47 99 28 38 56
Kjetil Bakken, VP Investor Relations, +47 91 88 98 89
This press release does not constitute or form part of an offer or solicitation to purchase or subscribe for securities in the United States. The securities referred to herein may not be offered or sold in the United States absent registration or an exemption from registration as provided in the U.S. Securities Act of 1933, as amended. The Company 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 announcement are not being made and may not be distributed or sent into the Australia, Canada, Japan or the United States.
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
About Norwegian Energy Company ASA
Noreco is an independent Norwegian oil company. The company’s focus is to explore, develop and produce oil and gas in the North Sea region. Since incorporation in 2005, the company has grown through license rounds, successful exploration and acquisitions. Noreco operates in Norway, Denmark and United Kingdom, and employs around 70 oil and gas professionals. Noreco is listed on the Oslo Børs (ticker NOR).
For further information, please visit: www.noreco.com