GOGL – Final Result of Subsequent Offering
NOT FOR DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES, CANADA, AUSTRALIA OR JAPAN, OR ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL OR WOULD REQUIRE REGISTRATION OR OTHER MEASURES. THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER OF ANY OF THE SECURITIES DESCRIBED HEREIN.
Reference is made to the stock exchange notice dated March 14, 2016, regarding the preliminary result of the subsequent offering by Golden Ocean Group Limited (the “Company”) of up to 34,368,400 new shares in the Company (the ” Subsequent Offering”).
Based on received subscriptions at the expiry of the subscription period in the Subsequent Offering, a total of 13,369,291 shares were allocated in accordance with the allocation criteria set out in the prospectus dated February 23, 2016. As a result, the Company will issue 13,369,291 new shares at NOK 5.00 per share raising gross proceeds of NOK 66.8 million (or approximately USD 7.8 million).
The subscribers who were allocated new shares in the Subsequent Offering will receive a letter with the number of allocated new shares and the corresponding subscription amount to be paid by each subscriber. Payment for the allocated shares falls due on March 16, 2016 in accordance with the payment procedures described in the Company’s prospectus dated February 23, 2016.
Subject to full payment being received, the new shares under the Subsequent Offering are expected to be issued on or about March 18, 2016 and delivered to the subscribers’ VPS accounts on or about March 21, 2016.
The new shares issued in the Subsequent Offering are restricted shares in the U.S., and are subject to a six month holding period during which they cannot be traded in the U.S. The new shares will therefore be delivered and registered on a separate ISIN BMG396371145 and listed on Oslo Børs only under a separate trading symbol “GOGL R”. During the second half of 2016, the new shares are expected to be registered with the ordinary ISIN BMG396371061 of the Company and thereafter commence to trade under the Company’s ordinary trading symbol “GOGL” and become freely tradable on both Oslo Børs and NASDAQ Global Select Market.
March 15, 2016
Golden Ocean Group Limited
Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements, which include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. Words such as “believe,” “anticipate,” “intends,” “estimate,” “forecast,” “project,” “plan,” “potential,” “may,” “should,” “expect,” “pending” and similar expressions identify forward-looking statements.
The forward-looking statements in this press release are based upon various assumptions. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections. The information set forth herein speaks only as of the date hereof, and we disclaim any intention or obligation to update any forward-looking statements as a result of developments occurring after the date of this communication.
In addition to these important factors and matters discussed elsewhere herein, important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the strength of world economies, fluctuations in currencies and interest rates, general market conditions, including fluctuations in charter hire rates and vessel values, changes in demand in the dry bulk market, changes in our operating expenses, including bunker prices, drydocking and insurance costs, the market for our vessels, availability of financing and refinancing, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, potential disruption of shipping routes due to accidents, political events or acts by terrorists, and other important factors described from time to time in the reports filed by the Company with the Securities and Exchange Commission.
The information contained herein is subject to the disclosure requirements of section 5-12 of the Norwegian Securities Trading Act.