Cyprus, 9 December 2011
Reference is made to the stock exchange notices dated 18 November 2011, where
SeaBird Exploration PLC ("SeaBird" or the "Company") announced that the Company
had received pre-subscriptions for USD 6 million in new equity in conjunction
with the Fugro Transaction and the debt restructuring.
The Board of Directors (the "Board") of SeaBird is pleased to announce that it
has resolved to issue 139,363,892 new shares through a private placement (the
The new shares were subscribed for at a price of NOK 0.25 per share. Total gross
proceeds from the Private Placement will amount to NOK 34.8 million
(approximately USD 6 million). Following the registration of the new shares, the
Company will have 314,259,723 shares outstanding.
The payment for the new shares will take place on or about 15 December 2011. The
new shares will be registered at a separate ISIN number and may not be traded on
Oslo BÃ¸rs until the Company has issued a listing prospectus and the new shares
have been registered in the VPS under the Company's ordinary ISIN.
For further information, please contact:
CEO SeaBird Exploration
Phone: +971 504 539075
SeaBird Exploration PLC "SeaBird" is a global provider of marine acquisition for
2D and 3D seismic data, 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/deep water 2D/3D
market. Main focus for the company is proprietary seismic surveys (contract
seismic). 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 pursuant to section
5-12 of the Norwegian Securities Trading Act.
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: SeaBird Exploration plc via Thomson Reuters ONE