Press releases

NOL – Notice of Proposed Written Resolution of the Shareholders

Reference is made to the announcement by Northern Ocean Ltd (“NOL” or the “Company”) on 23 December 2021 concerning the NOL’s implementation of a set of agreements regulating various transactions. Said transactions include a proposed issue of new shares in a private placement (“Private Placement”) and a subsequent offering of shares, each such share to be issued at a subscription price of $0.50. The Private Placement is intended to be carried out in Q1 2022.

The current nominal value of the Company’s shares (the “Shares”) is $1. The issue of Shares at a subscription price of $0.50 requires reduction of the Shares’ nominal value. Consequently, the Company has today, by virtue of Bye-laws 65-68 and 80 of the Company’s Bye-laws, issued a Notice of Proposed Written Resolution of the Shareholders, proposing the reduction of the nominal value of each Share to $0.50 (the “Proposal”). The majority requirement for the Proposal is 50% of the issued share capital of the Company (a “Relevant Majority”) and the Proposal is carried as soon as votes supporting the Proposal is cast by a Relevant Majority.

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