Magseis ASA, listed at Oslo Axess, announced today the completion of a Private Placement of approximately NOK 340 million (USD 40 million). The private placement was executed after close of the market of the Oslo Stock Exchange yesterday. The Private Placement was significantly oversubscribed.

Subject to completion of the Private Placement, the Board of Directors intends to carry out a subsequent offering of up to USD 5 million directed towards shareholders who were not given an opportunity to participate in the Private Placement. The Private Placement and authorization of the subsequent offering is subject to the approval of the extraordinary general meeting to be held on 27 March 2017.

Arntzen de Besche’s team has consisted of Marianne Sahl Sveen, Per A. Dagslet, Hege Dahl and Anders Bugge Simonsen.

ABG Sundal Collier AS and Arctic Securities AS acted as financial advisors to Magseis in connection to the Private Placement.

The stock exchange report is available here.