Interoil Exploration and Production ASA is contemplating carrying out a private placement of new shares with gross proceeds of USD 35 million (equivalent of approx. NOK 200 million)(the "Private Placement"). Pareto Securities AS ("Pareto") has been engaged as Lead Manager and Bookrunner and RS Platou Markets AS ("Platou", and together with Pareto the "Managers") as Co-Manager to advise on and effect the Private Placement, to be directed towards existing shareholders and Norwegian investors and international institutional investors (in such jurisdictions and as permitted or catered for by exemption rules under applicable securities laws).
The Private Placement will be carried out through an accelerated book-building process, which will commence and close at the latest on 13 March 2013 at 16: 30 CET. The Company, together with the Managers, reserve the right to close the book-building period at any time. The subscription price will be determined through the book-building process.
The net proceeds of the Private Placement will be used to restart production drilling in Colombia and strengthen the Company's capital structure The new equity is considered an important part of the Company's financing and is a requirement in the agreement reached in a bondholders meeting resolved on 4 March 2013 which removed the amortization due in March 2013 and extended the maturity of the Company's outstanding bond loan to March 2016.
The new shares to be issued in connection with the Private Placement will be issued pursuant to the resolution by the extraordinary general meeting on 5 March 2013 and the authorization granted to the Board of Directors at the annual general meeting on 28 June 2011. The minimum application and allocation of shares per investor in the Private Placement will be a NOK amount equal to at least EUR 100,000. Notice of allocation is expected to be given to subscribers on or about 14 March 2013.
First day of trading of the new shares is expected to be on or about 21 March 2013, subject to approval of a listing prospectus by Norwegian Financial Supervisory Authority ("NFSA"). In the event that the prospectus is not approved prior to the expected delivery date for the new Shares, the new shares may upon delivery be registered under a separate securities number (ISIN) until the prospectus has been approved by the NFSA and published.
