Reference is made to the stock exchange notifications published by Electromagnetic Geoservices ASA (“EMGS” or the “Company”) on 16 December 2021, related to the Buy-Back.
All capitalised terms used and not defined in this stock exchange notification are references to those terms as defined in the Buy-Back Offer Document published by EMGS in connection with the Buy-Back and dated 16 December 2021.
The Company has today resolved and committed to repurchase 40,000 Bonds with an aggregate nominal value of USD 4 million, in accordance with the terms and conditions of the Buy-Back Offer Document.
Following completion of the Buy-Back, the Company will have repurchased a combined total of approx. 80,000 Bonds, with an aggregate nominal value of USD 8 million under the first and second voluntary bond buy-backs.
The combined buy-backs will result in annualised interest savings to the Company of approx. USD 450,000 (under current reference interest rates).
As of the date of this announcement, the unaudited free cash position of EMGS, excluding the cash to be used to settle the Bond Buy-Back, is approx. USD 9.2 million.
The following persons closely associated with primary insiders (PDMRs) of EMGS have participated in and sold bonds (all at 75 per cent of par) under the Buy-Back:
1. Siem Investments S.à r.l. (“Siem Investments”), an entity closely associated with board member Jørgen Westad, has sold 15,633 Bonds to EMGS. Following the Buy-Back Settlement Date, Siem Investments will hold a total of 95,470 Bonds.
2. RWC European Focus Master Inc. ("RWC"), an entity closely associated with board member Petteri Soininen, has sold 8,100 Bonds to EMGS. Following the Buy-Back Settlement Date, RWC will hold a total of 49,300 Bonds.
3. Perestroika AS (“Perestroika”), an entity closely associated with chairman of the board Frederik Mohn, has sold 15,633 Bonds to EMGS. Following the Buy-Back Settlement Date, Perestroika will hold a total of 95,470 Bonds.
Further details regarding each of the above transactions are set out in the attached forms.
Contact
Anders Eimstad, CFO, +47 948 25 836
This information is subject to the disclosure requirements in Regulation EU 596/2014 article 19 number 3 and the Norwegian Securities Trading Act § 5-12.
The stock exchange notification was published by Anders Eimstad, CFO, Electromagnetic Geoservices ASA.
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. CSEM technology can also be used to detect the presence of marine mineral deposits (primarily Seabed Massive Sulphides) and EMGS believes that the technology can also be used to estimate the mineral content of such deposits. The Company is undertaking early-stage initiatives to position itself in this future market.
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