LYSAKER, Norway--(BUSINESS WIRE)--Regulatory News:
Norse Energy Corp. ASA (“NEC” ticker Oslo Stock Exchange, Norway; “NSEEY” ticker U.S. OTC) announces that the company has negotiated and executed a convertible loan agreement with Megaron AS, an existing Norse Energy shareholder.
As approved by today’s Extraordinary General Meeting (“EGM”), the loan will be 12,000,000 NOK at an interest rate of ten percent per annum, with a maturity date of 15 July 2015. The loan will be unsecured and may be converted into shares in Norse Energy. The conversion price will be the lesser of the volume weighted average trading price the five days preceding the payment day of the loan or the lowest subscription price for private placements prior to 1 July 2015.
The convertible loan will provide additional flexibility and liquidity as Norse Energy awaits finalization of the SGEIS regulations in New York, needed to unlock the full value of Norse’s portfolio of shale oil and gas resources.
Norse Energy owns or leases approximately 130,000 net acres in New York State of which ~33,000 lies in the liquids rich shale fairways of Western New York, and the remaining ~97,000 net acres lies in the Marcellus and Utica natural gas fairways of Central New York. Contingent resources total ~917 MMBOE or ~5.2 TCFGE.
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