NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART DIRECTLY OR INDIRECTLY, IN AUSTRALIA, CANADA, JAPAN, HONG KONG, SINGAPORE OR THE UNITED STATES
Further to previous announcements relating to the contemplated rights issue (the “Rights Issue”) by Electromagnetic Geoservices ASA (“EMGS” or the “Company”) and the resolution passed at the annual general meeting on 25 April 2017, the board of directors of EMGS has today approved the final terms of the RightS Issue.
The Rights Issue will comprise an offering of 58,634,735 new shares at a subscription price of NOK 2.45, representing a discount to the theoretical ex-rights price (TERP) of approximately 20% per cent based on the Company’s average closing share price of NOK 4.16 for week 24.
The gross proceeds to be raised in the Rights Issue will be NOK 143,655,100 and will be used to strengthen the Company’s financial position and for general corporate purposes.