NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, TO U.S. NEWS WIRE SERVICES, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, HONG KONG, SINGAPORE OR ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL. THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER TO BUY, SELL OR SUBSCRIBE FOR ANY SECURITIES DESCRIBED HEREIN.
PRIMARY INSIDER NOTIFICATION:
Reference is made to the stock exchange notifications published by Electromagnetic Geoservices ASA ("EMGS" or the "Company") pertaining to the Comprehensive Refinancing, including the stock exchange notifications published on 16 April 2018 and 19 April 2018.
On 20 April 2018, Perestroika AS ("Perestroika"), a primary insider of EMGS and an Underwriter of the Rights Issue and the Bond Issue, made the following subscriptions:
1. A subscription for 8,891,948 new shares in the Rights Issue at the Rights Issue subscription price of NOK 2.45 per new share. Following this subscription, Perestroika holds zero (0) Rights Issue Subscription Rights.
2. A subscription for 73,100 convertible bonds in the Bond Issue, at the Bond Issue subscription price of USD 100 per bond (corresponding to an aggregate subscription in the Bond Issue of USD 7,310,000).
Prior to the Rights Issue subscription and the allocation, issuance and delivery of the new shares subscribed for, Perestroika holds 20,560,847 of the issued and outstanding shares in EMGS.
An updated overview of the total holding of shares and bonds will be published following the completion of the Rights Issue and the Bond Issue.
This information is subject of the disclosure requirements pursuant to section 4-2 of the Norwegian Securities Trading Act.