Results of subsequent offering
Reference is made to the Prospectus dated 22 December 2009 regarding the Subsequent Offering of up to 4,000,000 Offer Shares in Electromagnetic Geoservices ASA ("EMGS" or the "Company") at a subscription price of NOK 4.50 per share.
The Subscription Period in the Subsequent Offering expired on 12 January, 2010.
The Subsequent Offering was fully subscribed at a subscription price of NOK 4.50 per share, which will result in issuance of 4 million new shares and corresponding gross proceeds of NOK 18.0 million. Due to significant demand from Eligible Shareholders, no shares will be allocated to subscribers not holding preferential rights. The new shares will be allocated based on the allocation principles described in the prospectus.
Allocation letters will be distributed on or about 14 January, 2010. Payment date is 19 January, 2010.
The Offer Shares to be issued in the Subsequent Offering will not be tradable until the new Offer Shares have been fully paid and the share capital increase has been registered in the Norwegian Register of Business Enterprises, expected to take place on or about 26 January 2010. Following this, the new share capital of the Company will be NOK 31,393,565.25 divided on 125,574,261 shares, each with a nominal value of NOK 0.25.
Contact
Roar Bekker, EMGS chief executive officer, +47 73 56 88 10
Svein Knudsen, EMGS chief financial officer, +47 22 01 14 00
About EMGS
EMGS uses its proprietary electromagnetic (EM) technology to support oil and gas companies in their search for offshore hydrocarbons. The company is the EM market leader, and provides Clearplay, the world's first fully integrated EM system.
Three service offerings - Clearplay Find, Test and Evaluate - have been designed to assist operators in the exploration and production phase. Clearplay supports each stage in the workflow, from survey design and data acquisition to processing and interpretation. The services enable 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 the world's first purpose-built 3D EM vessel fleet and has conducted more than 450 surveys to improve drilling success rates across the world's mature and frontier offshore basins. The company operates on a worldwide basis with main offices in Trondheim and Stavanger, Norway; Houston, USA; and Kuala Lumpur, Malaysia. Please visit www.emgs.com for more information.