Panoro Energy ASA : Subsequent Offering – Start of Subscription Period
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA, OR SWITZERLAND
Monday, 14 March 2016 - Reference is made to previous announcements by Panoro Energy ASA (the "Company") relating to the subsequent offering (the "Subsequent Offering") of up to 23,809,500 new shares (the "Offer Shares") for gross proceeds of up to NOK 10,000,000. For further information, including the complete terms and conditions of the Subsequent Offering, please refer to the prospectus from the Company dated 11 March 2016 (the "Prospectus").
The Prospectus is available at www.arctic.com and www.panoroenergy.com. Hard copies of the Prospectus may be obtained by contacting Arctic Securities (+47 21 01 30 40).
The subscription period for the Subsequent Offering will commence today, 14 March 2016 and expire at 16:30 p.m. CET on 31 March 2016 (the "Subscription Period"). The subscription price in the Subsequent Offering is NOK 0.42 per Offer Share.
The Company will allocate the Offer Shares to subscribers who (i) were registered as holders of shares in the Company (the "Shares") in the Company as of 9 February 2016 (the “Record date”) as registered with the Norwegian Central Securities Depositary (Nw. Verdipapirsentralen) (the "VPS") as of 11 February 2016 , (ii) were not allocated shares in the Private Placement, and (iii) are not resident in a jurisdiction where such offering would be unlawful or, for jurisdictions other than Norway, would require any prospectus, filing, registration or similar action (the "Eligible Shareholders"). The Company will look solely to registered holdings in the VPS as of expiry of the Record Date and not possible underlying beneficial ownerships. Such Eligible Shareholders will be granted non-tradable subscription rights (the "Subscription Rights") giving right to subscribe and be allocated Offer Shares.
For each share recorded as held in the Company as of expiry of the Record Date, each Eligible Shareholder will be entitled to allocation of 0.143115 Subscription Right(s), rounded down to the nearest whole Subscription Right. One (1) Subscription Right will give the right to subscribe for one (1) Offer Share.
Oversubscription by Eligible Shareholders will be permitted. In the event that not all issued subscription rights are exercised, subscribers who have subscribed on the basis of subscription rights and who have over-subscribed, will be allocated further offered shares proportionally to the number of subscription rights they have exercised. Subscription without Subscription Rights will not be allowed. The Subscription Rights will not be tradable. Upon expiry of the Subscription Period, the Subscription Rights will expire and have no value.
If an Eligible Shareholder holds Shares registered through a financial intermediary as of expiry of the Record Date, the financial intermediary will customarily give the Eligible Shareholder details of the Subscription Rights to which it will be entitled. The relevant financial intermediary will customarily supply each Eligible Shareholder with this information in accordance with its usual customer relations procedures. Eligible Shareholders holding their interests through a financial intermediary should contact the financial intermediary in order to receive information with respect to the Subsequent Offering. Note that the deadline for doing so might be earlier than 16:30 p.m. CET on 31 March 2016.
The Offer Shares are expected to be registered with the ordinary ISIN NO0010564701 of the Company and commence to trade under the Company's ordinary trading symbol "PEN" on Oslo Børs on or about 8 April 2016.
Arctic Securities AS acts as Sole Manager of the Private Placement and the Subsequent Offering.
For further information, please contact
Qazi Qadeer, Chief Financial Officer
Tel: +44 203 405 1060
Email: info@panoroenergy.com
About Panoro Energy
Panoro Energy ASA is an independent E&P company based in London and listed on the Oslo Stock Exchange with ticker PEN. The Company holds high quality exploration and development assets in West Africa, namely the Dussafu License offshore southern Gabon, and OML 113 offshore western Nigeria. Both assets have discoveries with approved Field Development Plans. In addition to discovered hydrocarbon resources and reserves, both assets also hold significant exploration potential. For more information visit the Company's website at www.panoroenergy.com.