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    Polarcus secures support for private placement

    Company News // March 7, 2017

    Referring to a stock exchange release on 10 February 2017 in which Polarcus Limited announced it had conditionally accepted binding subscriptions for new shares in a private placement, the company has now announced that the required credit committee and board approvals from the bank financing parties under the Fleet Bank Facility and DNB Bank ASA with respect to the working capital facility have been obtained.

    All the conditions for completion of the private placement set out in the company's stock exchange release published on 10 February 2017 are thus satisfied.

    The company's board of directors has resolved to issue 1,000,000,000 new shares each with a par value of US$0.01 at a subscription price of NKr 0.33 per shares to investors that have been allocated new shares in the private placement.

    The company will, after completion of the private placement, have an issued share capital of US$15,304,729.47 divided into 1,530,472,947 shares, each with a par value of US$0.01.

    The company will, as previously announced following approval of the prospectus, conduct a subsequent offering of up to 122,000,000 shares raising up to approximately NKr 40 million at the same price per share as the private placement.


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