EMGS: Result of Written Resolution of Bondholders
February 09 2022 - 5:18AM
EMGS: Result of Written Resolution of Bondholders
Reference is made to the stock exchange notifications published
by Electromagnetic Geoservices ASA (“EMGS” or the “Company”) on 27
January 2022 and 1 February 2022, respectively, pertaining to EMGS’
proposal to amend the terms of the Company’s outstanding bond issue
FRN Electromagnetic Geoservices ASA Senior Unsecured Convertible
Bonds 2018/2023 (“EMGS03”) to; (a) extend the maturity date by 24
months (from May 2023 to May 2025); and (b) increase the interest
margin by 100 bps from 5.5 to 6.5 per cent (over the applicable
reference rate).
EMGS has today been notified by Nordic Trustee AS, as trustee
for EMGS03, that the proposed resolution has been resolved and
adopted.
The notice from the written bondholders’ resolution is attached
to this release.
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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