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RXT – Private Placement Completed
4 December 2006
RXT has raised NOK 270 million in a private placement of 5.51 million shares at a subscription price of NOK 49 per share.
Reference is made to the press release dated 4th December 2006 regarding the private placement in Reservoir Exploration Technology ASA (RXT).
In accordance with an authorisation given to the Board in the Extraordinary General Meeting held 20 November 2006, the RXT board of directors approved the issue of 5,510,200 ordinary B-shares at a subscription price of NOK 49 per share. The private placement is raising gross proceeds of NOK 270 million, corresponding to approximately USD 44.1 million.
The private placement was directed towards investors in Norway, United Kingdom and USA.
The proceeds from the offering will mainly be used for investment in seismic equipment for a 4th operation, which is planned for Q4 2007.
Upon completion of the private placement, the share capital of RXT will be NOK 2,555,202, corresponding to a total of 2,402,380 A-shares and 23,149,640 B-shares, each with a par value of NOK 0.10. The A-shares will be converted into B-shares and the company will only have one class of shares upon approval of the listing by the Board of Directors of the Oslo Stock Exchange.
The private placement was managed by Pareto Securities ASA.
For further information, please contact CFO Odd Erik Rudshaug in RXT.
Cell : + 47 41612858
Reservoir Exploration Technology ASA (RXT) is a marine geophysical company specializing in multi component seismic sea-floor acquisition. Multi component seismic solves several imaging challenges that cannot be resolved with towed streamer seismic, and targets improved oil recovery from existing fields. The technology also gives better data quality for exploration, and is also the solution where towed streamers are impractical due to high density of platforms and/ or shallow waters. The Company has offices in Oslo, London and Houston.
RXT has applied for listing at the Oslo Stock Exchange in December 2006. RXTs stock is currently listed at the Norwegian OTC-List.