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    SeaBird contemplates private placement

    Company News // November 28, 2012

    The Board of Directors of SeaBird Exploration PLC intends to raise new equity by issuing up to 11 million new shares through an offering by way of a private placement directed towards existing shareholders and new investors.

    The proceeds from the Private Placement will be used for investments in seismic equipment including a 3D upgrade of Aquila Explorer as well as to strengthen the Company's balance sheet and liquidity position.

    The minimum subscription amount in the private placement will be EUR 100,000 or the equivalent in NOK. The subscription price will be determined through a book-building process; the final price is subject to Board approval.

    Completion of the private placement is subject to Board of Directors proposing a resolution to increase the capital.

    ABG Sundal Collier Norge ASA and Arctic Securities ASA have been engaged as managers and bookrunners for the Private Placement. 

    The company has entered into a share lending agreement with existing shareholders, and the private placement will be settled with borrowed shares that will be tradable immediately upon settlement.

    Subject to successful completion of the Private Placement, the Board of Directors of SeaBird will propose to an extraordinary general meeting to carry out a subsequent offering of 1,500,000 shares at the same price as in the Private Placement, directed towards the company's shareholders as of 27 November 2012 not being offered or invited to participate in the Private Placement or holding less than 300,000 shares as of 27 November 2012 and not participating in the Private Placement.


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