Magseis completes new issue of NOK 260 million

On December 20, Magseis successfully closed a private placement to raise a total of NOK 260 million.

The proceeds from the placement will be used towards rigging the Company’s first ocean bottom seismic (“OBS”) crew, utilizing a 3000 sensor capsule system, based on Magseis’ proprietary MASS technology. In addition, the funding will support the ongoing work to develop the Magseis organization so as to be ready for the start of commercial operations during the summer of 2013.

The new issue was subscribed for by a combination of industrial and financial investors and represents a high-quality investor base of both Norwegian as well as international investors. Following the placement, the Company’s shares will be listed on the Norwegian OTC market under the ticker code: MSEIS.

Arctic Securities AS and Pareto Securities AS acted as Managers for the private placement.

“Magseis is pleased to have completed the new issue to secure the financing required to bring our first ocean bottom seismic crew into operation. Our ambition is to develop Magseis into a leading ocean bottom seismic services provider that will significantly improve the efficiency of OBS operations. We believe that the successful capital raising and resulting strong shareholder base is a major step towards doing so.” Ivar Gimse, CEO Magseis AS.