EMGS to launch second partial bond buy-back
December 16 2021 - 7:29AM
EMGS to launch second partial bond buy-back
The board of directors of Electromagnetic Geoservices ASA
("EMGS" or the "Company") has resolved to initiate a second
voluntary, partial buy-back of bonds under the Company's
outstanding convertible bond issue.
The second voluntary bond buy-back follows the successful
voluntary bond buy-back completed by the Company in July 2021,
where the Company bought back and subsequently discharged bonds
with a total nominal value of USD 4,000,000 (equal to 12.31 per
cent of the Outstanding Bonds, as defined in the bond agreement, at
the date of launch of the first voluntary buy-back offer).
Under the second voluntary bond buy-back, the Company intends to
offer to buy-back outstanding bonds with an aggregate nominal value
of up to USD 4,000,000 (equal to 14.03 per cent of the Outstanding
Bonds, as defined in the bond agreement, at the date hereof). EMGS
will offer to buy back the bonds at 75 per cent of par value.
Bondholders representing the majority of the outstanding bonds
have already indicated that they support the buy-back and that they
intend to participate.
The offer price has been determined based on a fair market value
assessment made by an independent third-party.
The Company expects to formally launch the buy-back offer as
soon as possible, and complete the process no later than 31
December 2021.
Contact Anders Eimstad, CFO, +47 948 25 836
About EMGS EMGS, the marine EM market leader, uses
its proprietary electromagnetic (EM) technology to support oil and
gas companies in their search for offshore hydrocarbons. EMGS
supports each stage in the workflow, from survey design and data
acquisition to processing and interpretation. The Company's
services enable the integration of EM data with seismic and other
geophysical and geological information to give explorationists a
clearer and more complete understanding of the subsurface. This
improves exploration efficiency and reduces risks and the finding
costs per barrel. CSEM technology can also be used to detect the
presence of marine mineral deposits (primarily Seabed Massive
Sulphides) and EMGS believes that the technology can also be used
to estimate the mineral content of such deposits. The Company is
undertaking early-stage initiatives to position itself in this
future market.
This information is subject to the disclosure requirements
pursuant to Section 5-12 the Norwegian Securities Trading Act
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