Seabird Exploration: All consents required for restructuring obtained




SeaBird Exploration Plc (“SeaBird” or the “Company”, with the ticker “SBX on the Oslo Stock Exchange) is pleased to announce that all consents required for the comprehensive restructuring announced 26 May 2017 have now been obtained.

The Company has signed an agreement with Glander whereupon USD 1,911,896 of the principal amount and all accrued interest as of 3 June 2017 owed to Glander under the Glander Credit Facility shall be  irrevocably repaid and discharged upon the issuance of SeaBird shares to Glander at NOK 5.00 per share and that the remaining claim of Glander under the Glander Credit Facility of USD 440,591 will be amended with the maturity date being extended until 30 June 2020, no principal payments until 30 June 2020 and the introduction of payment-in-kind interest for all interest payments to be made under the Glander Credit Facility

Furthermore, the Company has entered into an Exchange Agreement and a confirmation with TGS that all SBX04 Bonds outstanding under Tranche A shall be transferred to the Company and that any interest on such SBX04 Bonds shall be irrevocably discharged in exchange for the transfer of title to the majority of the Company’s multi-client library assets to TGS.

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