EMGS: Summons for Written Resolution of Bondholders
February 01 2022 - 5:52AM
EMGS: Summons for Written Resolution of Bondholders
Reference is made to the stock exchange notification published
by Electromagnetic Geoservices ASA (“EMGS” or the “Company”) on 27
February 2022 wherein EMGS announced its intention to propose a 24
month extension of the maturity date (from May 2023 to May 2025)
for the Company’s outstanding bond issue FRN Electromagnetic
Geoservices ASA Senior Unsecured Convertible Bonds 2018/2023
("EMGS03") as well as a 100 bps increase to the interest margin
(over the applicable reference rate) from 5.5 to 6.5 per cent.
EMGS has today instructed Nordic Trustee AS, as trustee for
EMGS03, to issue the attached summons for a written resolution to
the bondholders of EMGS03.
Contact Anders Eimstad, CFO, +47 948 25 836
This information is published in accordance with the Norwegian
Securities Trading Act § 5-12.
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.
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