Polarcus EGM approves private placement
6 Mar 2017
Reference is made to the stock exchange releases issued on 10 February 2017 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 intends to launch (the “Subsequent Offering”) as well as the stock exchange release issued the same day in which the Company gave notice of an Extraordinary General Meeting (the “EGM”).
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:
- Approval of an increase in the authorized share capital and a corresponding amendment to the Company’s Memorandum of Association; and
- Approval of the Private Placement and the Subsequent Offering and the issue of shares in connection with the Private Placement and the Subsequent Offering.
The Company expects to receive written confirmation of the required credit committee and board approvals from the bank financing parties under the Fleet Bank Facility and DNB Bank ASA with respect to the working capital facility shortly and will issue a further announcement with details on the timing of the settlement of the Private Placement when these approvals have been received.
The Minutes of the 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 nearly 500 professionals worldwide. The Company’s principal office is in Dubai, United Arab Emirates. For more information, visit www.polarcus.com