North Energy ASA announces that the Company has raised NOK 150 million in gross proceeds through a private placement of 15 million new shares, each with a par value of NOK 1.00 at a price of NOK 10 per share (the "Private Placement").
"Well financed"
The Private Placement took place through an accelerated bookbuilding process and was managed by DNB Markets and Pareto Securities AS as Joint Bookrunners. The Private Placement, which represents approximately 59,5 percent of the current outstanding share capital, was oversubscribed at the issue price and was supported by existing investors, as well as new investors, the company reports.
"North Energy has previously been involved in two successful discoveries and proven our business model through monetizing Fogelberg. We have started an exciting drilling campaign for this year with the spud of Storebjørn, and are continuously working on expanding the drill queue for 2013. Our cash position is substantially strengthened through the equity issue and recent asset divestment, and the Company is now well financed for the upcoming exploration activities," comments Erik Karlstrøm, CEO of North Energy.
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