Polarcus Limited – Completed Subsequent Offering

by polarcus on 10-Dec-10 12:56

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Polarcus Limited (OAX: PLCS).


Reference is made to the announcement on 14 October 2010 and the prospectus approved on 23 November 2010 concerning the Subsequent Offering of up to 5,700,000 shares at a subscription price of NOK 5.15 per share with preferred allocation for Eligible Shareholders as of 13 October 2010.


The subscription period for the Subsequent Offering ended on Thursday 9 December 2010 at 17.30 CET. Polarcus Limited has received subscriptions in excess of 5,700,000 Offer Shares. As a result, Polarcus Limited will issue 5,700,000 new shares at NOK 5.15 per share raising gross proceeds of NOK 29,355,000.


All subscribers being allotted Offer Shares will receive a letter confirming the number of Offer Shares allotted to the subscriber and the corresponding amount to be paid. This letter is expected to be distributed on 10 December 2009. Payment and delivery of shares will take place on or about 15 December 2010.


Following registration of the shares the total number of issued shares will increase by 5,700,000, from 403,996,179 to 409,696,179 shares.


The Subsequent Offering is managed by ABG Sundal Collier Norge ASA, Pareto Securities AS and SEB Enskilda AS.


Contacts


Rolf Ronningen, CEO Polarcus, +971 4 436 0800 / +971 50 459 6982
Tom Henrik Sundby, CFO Polarcus, +971 4 436 0800 / +971 50 708 6480


About Polarcus


Polarcus is a pure play marine geophysical company with a pioneering environmental agenda, specializing in high-end towed streamer data acquisition from Pole to Pole. Polarcus is launching a fleet of modern 3D seismic vessels using the innovative ULSTEIN X-BOW® design and incorporating advanced maritime technologies for improved operational efficiency with a reduced environmental footprint. Polarcus offers contract seismic surveys and multi client projects worldwide and has its principal office in Dubai, United Arab Emirates. For more information, visit www.polarcus.com


This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)