SeaBird - Successful completion of Private Placement
(Thomson Reuters ONE) - 11 November, 2009. Cyprus:Reference is made to the stock exchange notice dated November 10,2009 regarding a contemplated shares issue in Seabird ExplorationLimited ("SeaBird" or the "Company").The book-building period for the Private Placement has been closed,and SeaBird is pleased to announce a successful placement towardsinstitutional and private investors of 54 million new shares at aprice of NOK 3.50 per share. The share issue represents approx. 45%of the shares outstanding prior to the placement. Total grossproceeds from the share issue are NOK 189 million.The private placement was managed by ABG Sundal Collier Norge ASA,First Securities AS and Fearnley Fonds ASA.Furthermore, the CEO, Mr. Tim Isden, has through his wholly ownedcompany; Bartica Company Limited sold 6.0 million shares as part of anecessary personal deleverage process. Following this sale, BarticaCompany Limited owns 5.4 million shares, equal to 3.1 % of theoutstanding number of shares after the private placement. Theremaining shareholding of Mr. Tim Isden is subject to a 6 monthlock-up arrangement with the managers.In order to secure a fast delivery of shares to the investors, theshares offered in the private placement comprise of already existingshares made available to the Managers by a stock lending agreementswith certain major shareholders.The total number of outstanding shares after the issue will be174,895,831 shares.For further queries contact:Tim IsdenCEO SeaBird ExplorationPhone: +971 504 539075Kai Solberg-HansenCFO SeaBird ExplorationPhone: +47 920 51 455- - -SeaBird Exploration Limited (Cyprus) `SeaBird` is a global providerof marine 2D and 3D seismic data, solutions for seabed acquisition of4C/4D multimode seismic, and associated products and services to theoil and gas industry. SeaBird specializes in high quality operationswithin the high end of the source vessel and 2D market, as well as inthe shallow water 2D/3D market. Main focus for the company isproprietary seismic surveys (contract seismic). SeaBird does not havea multi-client data library. Main success criteria for the companyare an unrelenting focus on Health, Safety, Security, Environment andQuality (HSSEQ), combined with efficient collection of high qualityseismic data.All statements in this press release other than statements ofhistorical fact are forward-looking statements and are subject to anumber of risks, uncertainties and assumptions that are difficult topredict, and are based upon assumptions as to future events that maynot prove accurate. These factors include SeaBird`s reliance on acyclical industry and the utilization of the company's vessels.Actual results may differ substantially from those expected orprojected in the forward-looking statements. This information issubject of the disclosure requirements acc. to §5-12 vphl (NorwegianSecurities Trading Act) This announcement was originally distributedby Hugin. The issuer is solely responsible for the content of thisannouncement.This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 11.11.2009 - 08:14 Uhr
Sprache: Deutsch
News-ID 8205
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