SeaBird Exploration: Board of Directors report for EGM – 17 Aug 17




  • SeaBird Exploration is in urgent need of equity financing in order to enable the Company to continue trading as a going concern and avoid initiating voluntary liquidation procedures in Cyprus.
  • Proposed issue of up to 100,000,000 additional shares in the Company.
  • The nominal value of any share would be the minimum price at which a new share may be issued. The maximum would be 50 NOK.

    Report of the Board of Directors relating to the exclusion of Pre-emption rights

The report has been prepared and is being submitted by the Board of Directors of SeaBird Exploration Plc (“the Company”), pursuant to the provisions of section 60B of the Cyprus Companies’’ Law, Cap. 13, as amended (“the Law”), in order to support the proposal for the approval by the shareholders, at the extraordinary general meeting to be held on 17 August 2017, at 11.00 a.m. , of an exclusion of pre – emption rights, in connection with the proposed issue of up to 100,000,000 additional shares in the Company.

The approval being sought, if granted, will remain in force until the date of the Company’s Annual General Meeting in 2018.

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