Brief: Ocean GeoLoop Announces NOK 100 Million Investment And MoU With Chevron

Ocean Geoloop ASA

12/08/2022 07:50

Aug 12 (Reuters) - Ocean Geoloop AS  OCEANO.OL :
    * OCEAN GEOLOOP ANNOUNCES NOK 100 MILLION INVESTMENT AND MOU
WITH
CHEVRON
    * OCEAN GEOLOOP HAS ENTERED INTO AN INVESTMENT AGREEMENT
WITH
CHEVRON TO ISSUE NEW SHARES IN A PRIVATE PLACEMENT AS WELL AS AN
MOU TO IDENTIFY POTENTIAL JOINT PROJECTS
    * PURSUANT TO INVESTMENT AGREEMENT, CHEVRON WILL SUBSCRIBE
FOR
2,745,656 NEW SHARES IN COMPANY, EQUAL TO APPROXIMATELY 5.2% OF
TOTAL NUMBER OF ISSUED AND OUTSTANDING SHARES IN COMPANY (5% ON
A FULLY DILUTED BASIS)
    * SUBSCRIPTION PRICE IS NOK 37 PER SHARE
    * INVESTMENT WILL BRING TOTAL GROSS PROCEEDS OF NOK
101,589,272 TO
COMPANY
    * NET PROCEEDS FROM PRIVATE PLACEMENT WILL BE USED TO FUND
COMPANY'S WORKING CAPITAL AND GENERAL CORPORATE PURPOSES
    * FOLLOWING COMPLETION OF TRANSACTION, CHEVRON WILL BE
COMPANY'S
THIRD LARGEST SHAREHOLDER
    * BOARD IS OF VIEW THAT COMBINATION OF INVESTMENT AGREEMENT
AND
MOU REPRESENTS A STRATEGIC AND VALUABLE BENEFIT TO COMPANY AND
INTERESTS OF EXISTING SHAREHOLDERS

Source text for Eikon:  ID:nObijyHtqa 
Further company coverage:  OCEANO.OL 

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