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    SeaBird restructures - secures new equity

    Company News // February 3, 2015

    Refering to announcements on 29 January and 30 January 2015 regarding the restructuring of SeaBird Exploration Plc, the company has confirmed that a condition for the restructuring is that a minimum of US$8.5 million in new equity would be raised, at NKr 0.10 per share.
    The company says it has obtained subscriptions for new equity for a total of approximately US$11.6 million or 884,687,500 new shares priced at NKr 0.10 per share.
    Following the restructuring, satisfaction of the conditions (as defined and described below) and the issuance of new equity, the company will have 3,065,427,746 shares and 884,687,500 warrants outstanding.
    In order to implement the share issue being undertaken as part of the restructuring in the most tax efficient and timely manner, which is also the reason the new equity is being raised as a private placement and not a rights issue, an extraordinary general meeting of the company will be convened whereby a new class of shares of the bearing certain special and increased rights resulting in 500 times shareholder rights (including voting rights and dividend rights) compared to the ordinary shares will be issued for a limited period of time.


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