Reference is made to the stock exchange announcement by Northern Ocean Ltd (the “Company”) on 25 August 2022 regarding the placement and issuance of 30,793,651 new shares (the “Offer Shares”) in a private placement raising approx. USD 40 million in gross proceeds to the Company.
Delivery of the Offer Shares allocated to investors in the Private Placement is made by delivery of existing shares in the Company borrowed by the managers of the Private Placement from Hemen Holding Ltd. pursuant to a share lending agreement.
The Offer Shares have now been registered in the Company’s Register of Members as duly issued. The 30,793,651 newly issued shares will be issued on a separate ISIN in the VPS and redelivered to the share lender, and will not be listed and tradable on Oslo Børs until after the publication of a listing prospectus to be approved by the Financial Supervisory Authority of Norway.
The total number of issued shares in the Company is 134,596,029, each of a par value of USD 0.50.