Noreco – New Share Capital Registered Following Conversion of Parts of NOR13

Jan 27, 2023

Oslo, 27 January 2023: Reference is made to the Norwegian Energy Company ASA’s ("Noreco" or the “Company”) convertible bond loan with ISIN NO 0010851520 (the “NOR13 Bonds”) and the proposed amendments to NOR13 as announced inter alia on 8 November 2022 (the "NOR13 Amendments"), including conversions of NOR13 Bonds prior to implementation of the NOR13 Amendments.

The Company has received conversion notices from bondholders holding NOR13 Bonds for an aggregate amount of USD 14,227,375, which pursuant to the bond terms are convertible into 491,048 new shares in the Company at a conversion price of USD 28.9734.

The share capital increase pertaining to the conversion of the NOR13 Bonds has been registered in the Norwegian Register of Business Enterprises (Nw.: Foretaksregisteret). Following such share capital increase, the Company's share capital is NOK 14,143,247.870024 divided into 26,199,472 shares, each with a nominal value of NOK 0.5398295.

The new shares pertaining to the share capital increase are expected to be recorded in the VPS and become tradable on the Oslo Stock Exchange later today.


Cathrine Torgersen, EVP Investor Relations & ESG
Phone: +47 915 28 501