20.08.2014 08:45:00 CET

North Energy ASA: EMGS increases its ownership in North Energy

Alta, 20 August 2014

North Energy ASA refers to the decision of an extraordinary general meeting to issue a convertible loan of NOK 75 million to Electromagnetic Geos ASA (EMGS) on 13 February 2014.

A request has been received by North Energy from EMGS to convert NOK 28.4 million of the convertible loan into North Energy shares. The remaining loan balance of NOK 46.6 million falls due on 2 September 2014.

The company will implement the conversion of the loan into shares in line with the decision of the general meeting as soon as practically possible. Shares issued as a result of the conversion are priced at NOK 4.1451 per share. The company will accordingly issue 6,851,463 new shares to EMGS. Following the conversion, EMGS will own  11,851.463 shares in North Energy, corresponding to 9.96 per cent.

Issuing shares in accordance with the conversion is conditional on the consequent capital increase being registered in the Norwegian Register of Business Enterprises. Following such registration, the company's share capital will be NOK 119,047,065, divided between 119,047,065 shares with a nominal value of NOK 1. The company will issue a new announcement to the market when the capital increase has been registered in the Norwegian Register of Business Enterprises.

«North Energy is pleased that EMGS has chosen to convert the loan into shares. The conversion further strengthens the financial position of North Energy. We welcome EMGS as larger shareholder in the company and look forward to continue the good cooperation» says CEO Erik Karlstrøm.

Further information from:

Erik Karlstrøm, CEO
Mob: +47 476 52 990 | E-mail: erik.karlstrom@northenergy.no

Knut Sæberg, CFO
Mob: +47 918 00 720 | E-mail: knut.saeberg@northenergy.no

Kristin Ingebrigtsen, VP organisation and communication
Mob: +47 926 05 601 E-mail: kristin.ingebrigtsen@northenergy.no

This information is mandatory under Section 5-12 of the Securities Trading Act.