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SeaBird Exploration Ltd (SBX) has after close of trading on 5 May 2006 completed a directed share issue of NOK 102.4 million. The subscription price was set to NOK 32.00 per share. The directed issue consisted of 3.200,000 new shares. The transaction was substantially oversubscribed.
 
The purpose of the placement was to finance the acquisition of 100% of the outstanding shares of SeaBed Geophysical AS (`Seabed`), as announced on 5 May 2006 and working capital for further development of Seabed.
 
Seabed is an Ocean Bottom Seismic (`OBS`) company that specializes in OBS services. Seabed`s main concept is to deploy geophone sensor nodes into the seabed and acquire high quality multi-component data. The company holds patents and proprietary technology for the seabed geophone nodes. The acquisition will expand SeaBird`s product and services portfolio and create opportunities to bring Seabed`s technology to the market in a profitable manner.
 
The new shares will be issued in accordance with the Board proxy established at the company's General Meeting held on 4 March 2006. After registration of the share issue, the total number of issued shares in the Company will be 75,581,000.
 
The directed share issue was managed by ABG Sundal Collier.
 
To expedite the settlement and delivery of shares to the investors participating in the directed share issue, Bartica and ABG Sundal Collier has entered into a stock lending agreement whereby ABG Sundal Collier borrows 3,200,000 shares from Bartica Company Ltd. (the largest shareholder in SBX).  The shares borrowed from Bartica will be returned by ABG Sundal Collier upon issuing of the new shares by SBX.
 
 
For further information, please contact:
 
Dag Reynolds, CEO, telephone: +47 90 88 37 37