Polarcus completes private placementCompany News // March 15, 2012
Referring to a stock exchange notice published by Polarcus Limited on 13 March 2012 regarding the contemplated private placement of new shares , the Board of Directors of the company has announce that the placement has been successfully subscribed for and allocated. The transaction was substantially oversubscribed.
The book-building period for the placement closed on 13 March 2012, and the Board has resolved to allocate 40,000,000 new shares at a subscription price of NKr 5.80 per share.
Total gross proceeds from the placement amount to approximately US$40.7 million or NKr 232 million.
Following the placement, the Company will have 507,196,179 shares outstanding.
The net proceeds will be used for working capital purposes, investments in multi-client projects and additional streamer equipment.