Contemplated share issue
(Thomson Reuters ONE) - NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY,IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA OR JAPANOslo, 1 December, 2009: Electromagnetic Geoservices ASA ("EMGS" orthe "Company" - OSE:EMGS),EMGS has retained First Securities AS as manager and bookrunner (the"Manager") to advise on and effect a private placement of new sharesdirected towards Norwegian investors and to internationalinstitutional investors and in such other jurisdictions, includingthe U.S., as permitted or catered for by exemption rules underapplicable securities laws (the "Private Placement").The contemplated Private Placement will consist of an issue of up to30,000,000 new ordinary shares, raising a minimum of USD 20 million.The subscription price (the "Subscription Price") for the new shareswill be set through a book-building process. The minimum order in thePrivate Placement has been set to the number of shares that equals anaggregate purchase price of at least the NOK equivalent of EUR50,000.The proceeds from the Private Placement will increase the financialstrength of the Company and thereby support its growth plans and willbe used for general corporate purposes.The book-building period commences today (1 December 2009) at 17:35CET and close on or about 2 December 2009 at 08:30 hours CET. TheBoard of EMGS may at its own discretion resolve to close or extendthe book-building at any time.Completion of the Private Placement is inter alia subject to theresolution by the Board of EMGS to issue the new shares.Members of the EMGS board and management, including Bjarte Bruheim(Chairman), Roar Bekker (CEO), Svein Knudsen (CFO), Anette Mellbye(Head of Legal), Svein Ellingsrud (founder) and Grete Høiland (BoardMember), have pre-committed to apply to a total of 950,000 shares andwill be allocated shares in the Private Placement in accordance withtheir pre-commitment at the Subscription Price set in thebook-building process.The Board will consider to propose, subject to necessary corporateresolutions such as an authorisation granted by an extraordinarygeneral meeting (expected to be held on or about 23 December 2009,the "EGM"), and prevailing market conditions, a subsequent offeringof up to a maximum of 4,000,000 shares directed to shareholders ofthe Company that as at 1 December 2009 (as recorded in VPS on 4December 2009 and visible in the VPS on 7 December 2009) held lessthan or equal to 175,000 shares in the Company or were not contactedby the Manager to participate in the Offering or who did notparticipate or leave an order in the Private Placement.Existing shares in EMGS will trade exclusive of the right toparticipate in the contemplated subsequent repair offering from 2December 2009.ContactRoar Bekker, EMGS chief executive officer, +47 73 56 88 10Svein Knudsen, EMGS chief financial officer, +47 22 01 14 00About EMGSEMGS uses its proprietary electromagnetic (EM) technology to supportoil and gas companies in their search for offshore hydrocarbons. Thecompany is the EM market leader, and provides Clearplay, the world'sfirst fully integrated EM system.Three service offerings - Clearplay Find, Test and Evaluate - havebeen designed to assist operators in the exploration and productionphase. Clearplay supports each stage in the workflow, from surveydesign and data acquisition to processing and interpretation. Theservices enable integration of EM data with seismic and othergeophysical and geological information to give explorationists aclearer and more complete understanding of the subsurface. Thisimproves exploration efficiency, and reduces risks and the findingcosts per barrel.EMGS operates the world's first purpose-built 3D EM vessel fleet andhas conducted more than 450 surveys to improve drilling success ratesacross the world's mature and frontier offshore basins. The companyoperates on a worldwide basis with main offices in Trondheim andStavanger, Norway; Houston, USA; and Kuala Lumpur, Malaysia. Pleasevisit www.emgs.com for more information.This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 01.12.2009 - 18:03 Uhr
Sprache: Deutsch
News-ID 9118
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