Norse Energy Corp ASA: Norse Announces Convertible Loan
July 11 2012 - 11:13PM
Business Wire
Regulatory News:
Norse Energy Corp. ASA ("NEC" ticker Oslo Stock Exchange,
Norway; "NSEEY" ticker U.S. OTC) announces that the Board of
Directors, in accordance with the authorization given by the
Extraordinary General Meeting held 5 July, 2012, has resolved to
approve the entering into of a convertible loan agreement with MP
Pensjon PK.
The loan will be 1,500,000 NOK at an interest rate of ten
percent per annum, with a maturity date of 12 July 2015. The loan
will be unsecured and may be converted into shares in Norse Energy.
The conversion price will be the lesser of the volume weighted
average trading price the five days preceding the funding date of
the loan or the lowest subscription price for private placements
prior to 1 July 2015.
The convertible loan will provide additional flexibility and
liquidity as Norse Energy awaits finalization of the SGEIS
regulations in New York, needed to unlock the full value of Norse
Energy's portfolio of shale oil and gas resources.
Norse Energy owns or leases approximately 130,000 net acres in
New York State of which ~33,000 lie in the liquids rich shale
fairways of Western New York, and the remaining ~97,000 net acres
lie in the Marcellus and Utica natural gas fairways of Central New
York. Contingent resources total ~917 MMBOE or ~5.2 TCFGE.
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