NODL – Issuance of Private Placement Shares
Reference is made to the press release by Northern Drilling Ltd. (the “Company”) on 25 October 2023, which announced the successful conditional placement of 313,600,000 new shares at a subscription price of NOK 0.125 per share (the “Private Placement”). Reference is further made to the press release by the Company on 7 November 2023 which announced that a Special General Meeting of the Company had resolved to reduce the par value of the Company’s shares from US$1.00 to US$0.01 and that the Private Placement, and the ongoing subsequent offering, was unconditional as a result thereof.
Following this, the board of directors of the Company has resolved to issue the 313,600,000 new shares allocated in the Private Placement (the “Private Placement Shares”).
Listing of the Private Placement Shares will require a listing prospectus. The Private Placement Shares will be registered under a separate ISIN pending approval relevant prospectus authorities and publication by the Company of such prospectus, and the Offer Shares will not be listed or tradeable on Oslo Børs until the prospectus has been approved by the NFSA and been published by the Company.