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EMGS (OSL:EMGS) Reference is made to the prospectus dated 3 September 2008 in relation to the fully underwritten rights issue of up to 16,512,549 new shares in Electromagnetic Geoservices ASA at a subscription price of NOK 15.14 per share. The subscription period and trading of subscription rights in the rights offering ended on Thursday 18 September 2008. The subscription result shows that 11,261,078 shares have been subscribed for. The rights offering was fully underwritten and the 5,251,471 shares that were not subscribed for in the offering will be allocated to the underwriters. A total of 16,512,549 new shares will be issued in the rights offering.
In addition, the company's share capital will be further increased with NOK 109,113.50 divided into 436,454 shares following the execution of payments to, and subscription of new shares by, the underwriters and the manager. After completion of the rights offering, and issuance of shares as remuneration to the underwriters and the manager, the share capital of Electromagnetic Geoservices ASA will be NOK 22,892,315.25 divided into 91,569,261 shares each with a nominal value of NOK 0.25 per share.
Allocation of new shares is expected to take place on or about 24 September 2008, with payment for the allocated shares on or about 26 September 2008. Listing and commencement of trading in the new shares on the Oslo Stock Exchange is expected on or about 1 October 2008. Contact Svein Knudsen, EMGS chief financial officer +47 73 56 88 10
About EMGS EMGS is the market leader in electromagnetic (EM) imaging. The company launched the EM imaging industry in 2002 with the commercialisation of seabed logging, a proven exploration method that uses EM energy to help oil companies in their search for hydrocarbons. EMGS provides a full suite of services, including data planning, acquisition, imaging and interpretation. The company's integration systems enable seamless integration of EM data with seismic and other geophysical and geological information, giving explorationists a clearer and more complete understanding of the subsurface. This proprietary and patented technology has been developed over the past 10 years bringing dramatic improvement to exploration decision-making in frontier and mature provinces.
EMGS operates the world's largest EM vessel fleet and has conducted more than 350 surveys for many of the world's leading energy companies. The company's main offices are in Trondheim and Stavanger, Norway; Houston, USA; and Kuala Lumpur, Malaysia. Please visit www.emgs.com for the latest news and in-depth information about EMGS and EM imaging technology.
For general enquiries please email findinghydrocarbons@emgs.com
