SBX - Completion of Equity Issue
Cyprus, 9 December 2011
Reference is made to the stock exchange notices dated 18 November 2011, where SeaBird Exploration PLC ("SeaBird" or the "Company") announced that the Company had received pre-subscriptions for USD 6 million in new equity in conjunction with the Fugro Transaction and the debt restructuring.
The Board of Directors (the "Board") of SeaBird is pleased to announce that it has resolved to issue 139,363,892 new shares through a private placement (the "Private Placement").
The new shares were subscribed for at a price of NOK 0.25 per share. Total gross proceeds from the Private Placement will amount to NOK 34.8 million (approximately USD 6 million). Following the registration of the new shares, the Company will have 314,259,723 shares outstanding.
The payment for the new shares will take place on or about 15 December 2011. The new shares will be registered at a separate ISIN number and may not be traded on Oslo Børs until the Company has issued a listing prospectus and the new shares have been registered in the VPS under the Company's ordinary ISIN.
For further information, please contact:
CEO SeaBird Exploration
Phone: +971 504 539075
SeaBird Exploration PLC "SeaBird" is a global provider of marine acquisition for 2D and 3D seismic data, and associated products and services to the oil and gas industry. SeaBird specializes in high quality operations within the high end of the source vessel and 2D market, as well as in the shallow/deep water 2D/3D market. Main focus for the company is proprietary seismic surveys (contract seismic). Main success criteria for the company are an unrelenting focus on Health, Safety, Security, Environment and Quality (HSSEQ), combined with efficient collection of high quality seismic data.
All statements in this press release other than statements of historical fact are forward-looking statements and are subject to a number of risks, uncertainties and assumptions that are difficult to predict, and are based upon assumptions as to future events that may not prove accurate. These factors include SeaBird`s reliance on a cyclical industry and the utilization of the company's vessels. Actual results may differ substantially from those expected or projected in the forward-looking statements.
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.