Reference is made to the stock exchange release issued on 26 January 2018 in which Polarcus Limited ("Polarcus" or the "Company") (OSE: PLCS) announced it had conditionally accepted binding subscriptions for new shares in a private placement (the "Private Placement") and provided details of a subsequent offering which it intended to launch (the "Repair Issue"). Reference is also made to the stock exchange release issued on 29 January 2018 in which the Company gave Notice of an Extraordinary General Meeting (the "EGM") seeking approval of the Private Placement, Repair Issue, Bond Conversion and Warrants Award (each of which are described in the EGM Notice).
The EGM of Polarcus Limited was duly held today at the offices of Polarcus DMCC, Almas Tower, Level 32, Jumeirah Lakes Towers, Dubai, U.A.E. and the following shareholder resolutions were passed:
No. 1 - approval of increase in the authorized share capital and amendment to Memorandum of Association
No. 2 - approval of, and issue of shares in connection with, the Private Placement, Repair Issue, Bond Conversion and Warrants Award
No. 3 - approval of purposes for authorised but unissued shares
The Company's stock exchange release issued on 25 January 2018 sets out the conditions for completion of the Private Placement (the "Closing Conditions"). All the Closing Conditions have now been satisfied except for agreement of the final documentation described in the Closing Conditions which is expected to be finalized well before 15 March 2018. The Company will issue a stock exchange release once all Closing Conditions have been satisfied.
The Minutes of the Extraordinary General Meeting recording the resolutions passed are attached and the Amended and Restated Memorandum and Articles of Association will be posted on the Company's web site shortly.
Caleb Raywood, Company Secretary
+971 4 4360 816
Hans-Peter Burlid, CFO
+971 50 559 8175
Polarcus (OSE: PLCS) is an innovative marine geophysical company with a pioneering environmental agenda, delivering high-end towed streamer data acquisition and imaging services from Pole to Pole. Polarcus operates a fleet of high performance 3D seismic vessels incorporating leading-edge maritime technologies for improved safety and efficiency. Polarcus offers contract seismic surveys and multi-client projects with advanced onboard processing solutions and employs over 400 professionals worldwide. The Company's principal office is in Dubai, United Arab Emirates. For more information, visit www.polarcus.com