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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