NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART DIRECTLY OR INDIRECTLY, IN AUSTRALIA, CANADA, JAPAN OR THE UNITED STATES
Reference is made to the stock exchange notice published by Polarcus Limited ("Polarcus" or the "Company") on 06 October 2014 regarding the fully subscribed equity private placement (the "Private Placement").
The Board of Directors of Polarcus is pleased to announce that the Private Placement has been successfully completed at a share price of NOK 1.40 per share.
Of the 162,592,500 shares allocated in the Private Placement 143,238,821 shares will be settled on 09 October and registered at a separate ISIN number. Following this issue the Company will have 650,460,000 shares outstanding. These shares will not be tradable at Oslo Børs until the Company has issued a listing prospectus and the new shares have been registered in the VPS under the Company's ordinary ISIN. The remaining 19,353,679 shares will be issued subject to a resolution by an extraordinary general meeting ("EGM") of the Company to increase the authorized share capital.
The Board will propose to conduct a subsequent repair issue of up to 25,000,000 shares at the same price to existing shareholders in the Company as of the end of trading on 06 October 2014, as registered in the VPS as of the end of 08 October 2014, not being contacted by the Manager to participate in the Private Placement. Non-tradable subscription rights will be awarded. The existing Shares in the Company will trade exclusive of the right to participate in the repair issue from and including 07 October 2014. Such subsequent repair issue is subject to an EGM voting in favor of increasing the authorized share capital required to conduct the repair issue.
The investors and shareholders that subscribed in the private placement have undertaken to vote in favor of such capital increases at the EGM. The Company will call for an EGM shortly
This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)