Golden Ocean Group Limited
(NASDAQ and OSE: GOGL) ("Golden Ocean" or the
"Company") is pleased to announce that the
equity offering (the "Offering") for issue of
new common shares (the "New Shares") announced
on October 16, 2017 has been successfully placed at USD 8.50 per
New Share (equaling NOK 67.07 at a USD/NOK exchange rate of 7.89),
raising gross proceeds of approximately USD 66 million
(approximately NOK 521 million) through the issuance of 7,764,705
New Shares. The Offering was significantly over-subscribed with
strong interest from large institutional investors enabling a
pricing equalling to market close on NASDAQ on October 16,
2017.
Further, upon completion of the
vessel purchase transaction announced on October 16, 2017, Hemen
Holding Limited, a company indirectly controlled by trusts
established by Mr John Fredriksen for the benefit of his immediate
family, ("Hemen") will receive 4,000,000 new
common shares in the Company and as a result own an aggregate of
49,326,353 shares in the Company, equaling approximately 34.2 per
cent of the Company's common shares and votes.
Notifications of allocation of the
New Shares will be distributed on or about October 17, 2017. The
New Shares allocated in the Offering are expected to be delivered
against payment on or about October 19, 2017 and will commence to
trade under the Company's ordinary trading symbol "GOGL" on NASDAQ
on or about October 17, 2017 and can be traded on the Oslo Stock
Exchange from on or about October 19, 2017 (expected from US
markets open) subject to investors having made necessary
arrangements to transfer shares from the Depository Trust Company
in the US to the Norwegian Central Securities Depository (the
VPS).
Following issuance of the New
Shares, the Company will have 140,137,697 issued common shares,
each having a par value of USD 0.05. Following issuance of the
consideration shares to Hemen in connection with the acquisition of
the two vessels as announced on October 16, 2017, the Company will
have 144,137,697 issued common shares each having a par value of
USD 0.05.
This announcement does not
constitute an offer to sell or the solicitation of an offer to buy
securities and shall not constitute an offer, solicitation or sale
in any jurisdiction in which such offer, solicitation or sale is
unlawful. The Offering is being made only by means of an
application agreement, a term sheet and a prospectus supplement and
accompanying base prospectus. A prospectus supplement related to
the offering has been filed with the U.S. Securities and Exchange
Commission (the "SEC") and is available on the SEC's website
located at www.sec.gov. Copies of the prospectus supplement
and the accompanying base prospectus relating to the Offering may
be obtained from contacting DNB Markets Inc. at 200 Park Ave, Floor
31, New York, NY 10166, telephone: +1 212 681 3800. The
Offering will be made pursuant to the Company's existing shelf
registration statement on Form F-3 (Registration No. 333-211365)
previously filed with the SEC and declared effective.
The Board of Directors
Golden Ocean Group Limited
Contact Persons:
Birgitte Ringstad Vartdal, CEO, Golden Ocean Management
AS
+47 22 01 73 53
Per Heiberg, CFO, Golden Ocean Management
AS
+47 22 01 73 45
Forward-Looking
Statements
Matters discussed in this press
release may constitute forward-looking statements. The Private
Securities Litigation Reform Act of 1995 provides safe harbor
protections for forward-looking statements, which include
statements concerning plans, objectives, goals, strategies, future
events or performance, and underlying assumptions and other
statements, which are other than statements of historical facts.
Words such as "believe", "anticipate", "intends", "estimate",
"forecast", "project", "plan", "potential", "may", "should",
"expect", "pending" and similar expressions identify
forward-looking statements.
The forward-looking statements in
this press release are based upon various assumptions.
Although we believe that these assumptions were reasonable when
made, because these assumptions are inherently subject to
significant uncertainties and contingencies which are difficult or
impossible to predict and are beyond our control, we cannot assure
you that we will achieve or accomplish these expectations, beliefs
or projections. The information set forth herein speaks only as of
the date hereof, and we disclaim any intention or obligation to
update any forward-looking statements as a result of developments
occurring after the date of this communication.
In addition to these important
factors and matters discussed elsewhere herein, important factors
that, in our view, could cause actual results to differ materially
from those discussed in the forward-looking statements include the
strength of world economies, fluctuations in currencies and
interest rates, general market conditions, including fluctuations
in charter hire rates and vessel values, changes in demand in the
dry bulk market, changes in our operating expenses, including
bunker prices, drydocking and insurance costs, the market for
our vessels, availability of financing and refinancing,
changes in governmental rules and regulations or actions taken by
regulatory authorities, potential liability from pending or future
litigation, general domestic and international political
conditions, potential disruption of shipping routes due to
accidents, political events or acts by terrorists, and other
important factors described from time to time in the reports filed
by the Company with the Securities and Exchange Commission.
This information is subject to the
disclosure requirements of section 5-12 of the Norwegian Securities
Trading Act.
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Golden Ocean Group Limited via Globenewswire
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