The Company has today successfully completed the pre-sale of the planned private placement of a total of 96,000,000 shares at a subscription price of NOK 3.15 per share. Gross proceeds from the transaction will amount to NOK 302.4 million.
These proceeds will, until the Company's general meeting resolves to complete the private placement in its ordinary general meeting on 27 May, be placed on a bank account pledged in favor of the Company's largest shareholder, Geveran Trading Co. Ltd. ("Geveran"), as security for the obligations of Carnegie ASA ("Carnegie"), in their capacity as bookrunner and settlement agent for the private placement, to redeliver the shares borrowed by Carnegie in order to settle the pre-sale transaction.
The purpose of the private placement is to finance the restructuring of the Company's operations in Chile, improve the financial position of the Company in general and facilitate an agreement with the Company's lenders to adjust the covenant structure in the company's loan agreements for the second, third and fourth quarter of 2009.
Further Reading
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- | Alternatively, view our report - A New Reality Beckons in Chile - by clicking here. |
