Press releases

NOL: New share capital registered

Reference is made to the stock exchange announcement made by Northern Ocean Ltd. (“NOL”) on 19 June 2024 regarding (i) the successful completion of a private placement of 90,538,285 new shares at a subscription price of NOK 7 per share (the “Private Placement” and the “Private Placement Shares”), and (ii) Sterna Finance Ltd. (“Sterna”) converting USD 15 million from a financing facility previously provided by Sterna amounting to USD 100 million into 30,000,000 new shares in NOL, at a price of USD 0.50 per share (the “Conversion Shares”, and together with the Private Placement Shares, the “New Shares”).

The New Shares have now been registered in the Company’s Register of Members as duly issued. The 120,538,285 New Shares have been issued on a separate ISIN in the VPS and will not be listed and tradable on Oslo Børs until the publication of a listing prospectus to be approved by the Financial Supervisory Authority of Norway. Following the issuance of the New Shares, the Company has an issued share capital of USD 151,607,696, divided into 303,215,392 shares.

This information is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.