Noreco Received NOR13 Conversion Notice

Source: www.gulfoilandgas.com 5/19/2022, Location: Europe

Reference is made to the Norwegian Energy Company ASA ("Noreco" or the "Company") convertible bond loan with ISIN NO 0010851520 (the "NOR13 Bonds") issued on 26 July 2019.

The Company has received conversion notice for NOR13 bonds in the amount of USD 31,342,011, which pursuant to the bond terms are convertible into 1,081,751 new shares in the Company at a conversion price of USD 28.9734. Following the conversion, the Company has NOR13 bonds in issue in the nominal amount of USD 160,057,155.

Further and following completion of such conversion, including registration of the share capital increase in the Norwegian Register of Business Enterprises (Nw.: Foretaksregisteret) pertaining to the conversion, the Company's share capital will be increased by NOK 10,817,510.5793954 by issue of 1,081,751 new shares into a share capital of NOK 256,480,223.7373065 consisting of 25,648,021 shares each with a par value of NOK 10.00000053560883. It is expected that new shares pertaining to the conversion shall be issued within 10 business days.


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