11 November, 2009. Cyprus:
Reference is made to the stock exchange notice dated November 10, 2009 regarding a contemplated shares issue in Seabird Exploration Limited ("SeaBird" or the "Company").
The book-building period for the Private Placement has been closed, and SeaBird is pleased to announce a successful placement towards institutional and private investors of 54 million new shares at a price of NOK 3.50 per share. The share issue represents approx. 45% of the shares outstanding prior to the placement. Total gross proceeds from the share issue are NOK 189 million.
The private placement was managed by ABG Sundal Collier Norge ASA, First Securities AS and Fearnley Fonds ASA.
Furthermore, the CEO, Mr. Tim Isden, has through his wholly owned company; Bartica Company Limited sold 6.0 million shares as part of a necessary personal deleverage process. Following this sale, Bartica Company Limited owns 5.4 million shares, equal to 3.1 % of the outstanding number of shares after the private placement. The remaining shareholding of Mr. Tim Isden is subject to a 6 month lock-up arrangement with the managers.
In order to secure a fast delivery of shares to the investors, the shares offered in the private placement comprise of already existing shares made available to the Managers by a stock lending agreements with certain major shareholders.
The total number of outstanding shares after the issue will be 174,895,831 shares.
For further queries contact:
CEO SeaBird Exploration
Phone: +971 504 539075
CFO SeaBird Exploration
Phone: +47 920 51 455
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SeaBird Exploration Limited (Cyprus) `SeaBird` is a global provider of marine 2D and 3D seismic data, solutions for seabed acquisition of 4C/4D multimode seismic, and associated products and services to the oil and gas industry. SeaBird specializes in high quality operations within the high end of the source vessel and 2D market, as well as in the shallow water 2D/3D market. Main focus for the company is proprietary seismic surveys (contract seismic). SeaBird does not have a multi-client data library. Main success criteria for the company are an unrelenting focus on Health, Safety, Security, Environment and Quality (HSSEQ), combined with efficient collection of high quality seismic data.
All statements in this press release other than statements of historical fact are forward-looking statements and are subject to a number of risks, uncertainties and assumptions that are difficult to predict, and are based upon assumptions as to future events that may not prove accurate. These factors include SeaBird`s reliance on a cyclical industry and the utilization of the company's vessels. Actual results may differ substantially from those expected or projected in the forward-looking statements. This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act) This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.