The company has finalized a private placement aimed at existing shareholders and within the limits of the proxy issued to the Board at the company’s annual general meeting. The capital raised through the share issue totals kr 3.6 million. The share issue was subscribed at NOK 0.05 per share.
The company received a record number of subscriptions by the company’s 1300 shareholders. In total the company received 268 subscriptions. The Board believes it is both positive and gratifying that so many shareholders have participated in the share issue. This shows that the company’s shareholders are both engaged in and passionate about the company.
The forthcoming work program at Chard will be financed through a farm-out agreement. This agreement is also expected to provide the company with cash in the order of 0.5 million CAD. In conclusion, the capital will provide for both a development of the company’s values and resources for planning and preparation of new activities.
Fredrikstad, Norway 30.9.2010
Nordic Petroleum AS
Contact Arild Tolfsen with enquiries,
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