Successful completion of Private Placement
(Thomson Reuters ONE) - NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY,IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA OR JAPANOslo, 2 December 2009: Electromagnetic Geoservices ASA ("EMGS" or the"Company" - OSE:EMGS),Reference is made to the stock exchange release dated 1 December 2009regarding a contemplated private placement of new shares in theCompany ("Private Placement").The book-building period for the Private Placement has closed, andthe Company is pleased to announce a successful placement whereby theCompany has received orders for and resolved to allocate 30,000,000new shares. The subscription price in the Private Placement is NOK4.50 per share and was set by the Board of EMGS following abook-building process. Gross proceeds amount to NOK 135 millionapproximately USD 24 million.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.Notices of allocation will be sent today, 2 December 2009.The Private Placement was managed by First Securities AS.The Board will consider to propose, subject to necessary corporateresolutions and prevailing market conditions, a subsequent offeringof up to a maximum of 4,000,000 shares. It is expected that asubsequent offering, if executed, will be carried out by utilizingthe existing Board authorization to issue new shares, as granted bythe Annual General Meeting held 3 June 2009. Consequently, the Boardwill not call for an extraordinary general meeting to be held on orabout 23 December 2009. If executed, a subsequent offering isexpected to be carried out as soon as a prospectus has been approvedby the Oslo Børs, possible late December 2009 / early January 2010.In any subsequent offering, preferred allocation will be given toshareholders of the Company that as at 1 December 2009 (as recordedin VPS on 4 December 2009 and visible in the VPS on 7 December 2009)held less than or equal to 175,000 shares in the Company or were notcontacted by the Manager to participate in the Offering or who didnot participate or leave an order in the Private Placement.Allocation of any remaining shares in a subsequent offering will beat the discretion of the Board of EMGS.Existing shares in EMGS will trade exclusive of the right toparticipate in the contemplated subsequent repair offering fromtoday, 2 December 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: 02.12.2009 - 08:30 Uhr
Sprache: Deutsch
News-ID 9128
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