/NOT FOR DISTRIBUTION TO
The Company retains the right to increase the size of the Private Placement at its discretion based on demand. The Private Placement will be effected on a reasonable commercial efforts basis at a price per share to be determined through the book-building process.
Payment for the New Shares will be made in cash. The net proceeds from the Private Placement are expected to be used to finance the drilling of up to three exploration wells on Block 11B/12B offshore
The subscription price for the New Shares (the "Subscription Price") will be determined by the Company based on an accelerated book-building process. The application period for the Private Placement will commence today,
The Company's three largest shareholders, Africa Oil Corp., the Lundin family and Chairman of the Board,
Completion of the Private Placement will be subject to certain customary conditions including, but not limited to, execution of subscription agreements with the subscribers to the Private Placement and
The allocation of the Common Shares will be determined at the end of the book-building process. The final allocation will be made at the discretion of the Company in consultation with Pareto.
Pareto has been engaged as sole bookrunner and SpareBank1 Markets has been engaged as co-manager for the Private Placement. For questions regarding the Private Placement, please contact the Pareto sales desk:
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Important information
The Company's certified advisor on Nasdaq First North Growth Market is
The information in this press release does not contain or constitute an offer to sell or acquire, a solicitation of an offer to acquire, subscribe or otherwise trade in shares or other securities in
This press release may not be published or distributed, directly or indirectly in or into
No shares will be registered under the United States Securities Act of 1933 ("Securities Act"), as amended, or any
Forward looking statements
Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or the Company's future performance, business prospects or opportunities including, without limitation, statements with respect to the satisfaction of closing conditions and proposed Subscription Period, which are based on assumptions of management of the Company.
The use of any of the words "will", "expected" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company's current belief or assumptions as to the outcome and timing of such future events. These forward-looking statements involve risks and uncertainties relating to, among other things, changes in oil prices, results of exploration and development activities, uninsured risks, regulatory changes, defects in title, availability of materials and equipment, timeliness of government or other regulatory approvals, actual performance of facilities, failure to satisfy the closing conditions of the Private Placement, availability of third party service providers, equipment and processes relative to specifications and expectations and unanticipated environmental impacts on operations. Actual future results may differ materially. Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information. Those assumptions and factors are based on information currently available to the Company. The forward-looking information contained in this release is made as of the date hereof and the Company is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information.
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