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 13 March 2012 regarding the contemplated private placement of new shares (the “Private Placement”).
The Board of Directors of Polarcus is pleased to announce that the Private Placement has been successfully subscribed for and allocated. The transaction was substantially oversubscribed.
The book-building period for the Private Placement closed on 13 March 2012, and the Board has resolved to allocate 40,000,000 new shares at a subscription price of NOK 5.80 per share. Total gross proceeds from the Private Placement amount to approximately USD 40.7 million or NOK 232 million. Following the Private Placement, the Company will have 507,196,179 shares outstanding. Polarcus does not intend to conduct a subsequent repair issue.
The net proceeds to the Company raised in the Private Placement will be used for working capital purposes, investments in multi-client projects and additional streamer equipment.
Allocation notices will be sent today, 14 March 2012. Payment of shares will be 19 March 2012. The shares are issued and tradable as from today. Allocated shares will be delivered on 19 March 2012 subject to timely payment.
The Private Placement was managed by SEB Enskilda and DNB Markets.
Rolf Rønningen, CEO Polarcus, +971 4 436 0800 / +971 50 459 6982
Tom Henrik Sundby, CFO Polarcus, +971 4 436 0800 / +971 50 708 6480
Polarcus (OAX: PLCS) 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 operates a fleet of high performance 3D seismic vessels incorporating an innovative design and advanced maritime technologies for improved safety and efficiency. Polarcus offers contract seismic surveys and multi-client projects worldwide and employs over 500 professionals. The Company’s principal office is in Dubai, United Arab Emirates. For more information, visit www.polarcus.com.
This publication is not for distribution, directly or indirectly, in or into the United States, nor is it an offer for sale of or the solicitation of an offer to purchase securities in the United States. Any securities referred to herein have not been registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act"), and may not be offered or sold in the United States absent registration or pursuant to an exemption from registration under the U.S. Securities Act. North Energy ASA does not intend to register any portion of the offering of the securities in the United States or to conduct a public offering of the securities in the United States. Copies of this publication are not being, and may not be, distributed or sent into the United States.
This information is subject of the disclosure requirements acc. To §5-12 (Norwegian Securities Trading Act).