Reference is made to the stock exchange release from Endúr ASA (“Endúr” or the “Company”) published on 29 June 2020, regarding a contemplated private placement to raise up to NOK 100 million in gross proceeds by issuing new shares in the Company (the “Private Placement”). The Company is pleased to announce that the Private Placement has been successfully placed, and that it has raised NOK 100 million in gross proceeds through the Private Placement , based on the issuance of 66,666,667 new shares (“Offer Shares”), at a price of NOK 1.50 per share.
The Private Placement, which was significantly oversubscribed, took place through an accelerated bookbuilding process managed by SpareBank 1 Markets AS (“SpareBank 1 Markets”) as Lead Manager and Bookrunner and Norne Securities AS as Co-manager (together the “Managers”) after close of markets on 29 June 2020. As a result of the successful Private Placement, the Company’s board of directors (the “Board”) has, pursuant to a Board authorization granted by the Company’s annual general meeting held on 18 June 2020, resolved to increase the Company’s share capital with NOK 666,666.67 by way of issuance of the Offer Shares.
With reference to the Company’s announcement of the merger with Oceano AS (“Oceano”) (the “Merger”, which remains subject to inter alia approval by the extraordinary general meetings of the Company and Oceano) made on 18 June 2020, the net proceeds from the Private Placement will be used to provide the merged company with a good capital base for further consolidation, in addition to ensuring sound financing related to today’s working capital needs.
The complete stock exhange message is available here: https://endur.no/investor-relations/stock-exchange-notices/