Reference is made to the stock exchange notice 21 January 2014 from Electromagnetic Geoservices ASA (EMGS) regarding the agreement EMGS has signed with North Energy ASA (North).
In the private placement resolved by the extraordinary general meeting held today in North (the Private Placement), EMGS has subscribed for 5,000,000 shares in North, at a subscription price of NOK 4 per share.
Under the Private Placement, the share capital of North has been resolved to be increased to NOK 112,063,448 divided on 112,063,448 shares each with a nominal value of NOK 1. When the new capital is registered and these shares are issued, EMGS will hold 5,000,000 shares in North, equaling 4.46% of the shares and votes in North.
In the general meeting held today in North, Jogeir Romestrand was, in accordance with nomination made by EMGS, elected as new board member of North. EMGS is of the view that it is not subject to the mandatory notification requirement for primary insiders, ref. the Securities Trading Act section 4-2 (1), as a result of this election. Romestrand is a member of the EMGS nomination committee, but is not an EMGS employee, and he will serve as an independent board member in North. EMGS will have no influence on the conduct of his directorship and has no rights to replace him in case he resigns. EMGS has for the sake of good order decided to publish this notification in any case, in order to inform the market of its share subscription in North.
Contacts
Roar Bekker, EMGS chief executive officer, +47 73 56 88 10
About EMGS
EMGS, the marine EM market leader, uses its proprietary electromagnetic (EM) technology to support oil and gas companies in their search for offshore hydrocarbons. EMGS supports each stage in the workflow, from survey design and data acquisition to processing and interpretation. The company's services enable the integration of EM data with seismic and other geophysical and geological information to give explorationists a clearer and more complete understanding of the subsurface. This improves exploration efficiency and reduces risks and the finding costs per barrel.
EMGS operates on a worldwide basis with main offices in Trondheim and Oslo, Norway; Houston, USA; and Kuala Lumpur, Malaysia.