GOGL - Equity offering successfully placed
October 17 2017 - 2:31AM
Golden Ocean Group Limited (NASDAQ and OSE: GOGL) ("Golden
Ocean" or the "Company") is pleased to announce that the
equity offering (the "Offering") for issue of new common
shares (the "New Shares") announced on October 16, 2017 has
been successfully placed at USD 8.50 per New Share (equaling NOK
67.07 at a USD/NOK exchange rate of 7.89), raising gross proceeds
of approximately USD 66 million (approximately NOK 521 million)
through the issuance of 7,764,705 New Shares. The Offering was
significantly over-subscribed with strong interest from large
institutional investors enabling a pricing equalling to market
close on NASDAQ on October 16, 2017.
Further, upon completion of the vessel purchase transaction
announced on October 16, 2017, Hemen Holding Limited, a company
indirectly controlled by trusts established by Mr John Fredriksen
for the benefit of his immediate family, ("Hemen") will
receive 4,000,000 new common shares in the Company and as a result
own an aggregate of 49,326,353 shares in the Company, equaling
approximately 34.2 per cent of the Company's common shares and
votes.Notifications of allocation of the New Shares will be
distributed on or about October 17, 2017. The New Shares allocated
in the Offering are expected to be delivered against payment on or
about October 19, 2017 and will commence to trade under the
Company's ordinary trading symbol "GOGL" on NASDAQ on or about
October 17, 2017 and can be traded on the Oslo Stock Exchange from
on or about October 19, 2017 (expected from US markets open)
subject to investors having made necessary arrangements to transfer
shares from the Depository Trust Company in the US to the Norwegian
Central Securities Depository (the VPS).
Following issuance of the New Shares, the
Company will have 140,137,697 issued common shares, each having a
par value of USD 0.05. Following issuance of the consideration
shares to Hemen in connection with the acquisition of the two
vessels as announced on October 16, 2017, the Company will have
144,137,697 issued common shares each having a par value of USD
0.05.
This announcement does not constitute an offer
to sell or the solicitation of an offer to buy securities and shall
not constitute an offer, solicitation or sale in any jurisdiction
in which such offer, solicitation or sale is unlawful. The Offering
is being made only by means of an application agreement, a term
sheet and a prospectus supplement and accompanying base prospectus.
A prospectus supplement related to the offering has been filed with
the U.S. Securities and Exchange Commission (the "SEC") and is
available on the SEC's website located at www.sec.gov. Copies
of the prospectus supplement and the accompanying base prospectus
relating to the Offering may be obtained from contacting DNB
Markets Inc. at 200 Park Ave, Floor 31, New York, NY 10166,
telephone: +1 212 681 3800. The Offering will be made
pursuant to the Company's existing shelf registration statement on
Form F-3 (Registration No. 333-211365) previously filed with the
SEC and declared effective.
The Board of Directors Golden Ocean Group Limited
Contact Persons: Birgitte Ringstad Vartdal, CEO, Golden Ocean
Management AS +47 22 01 73 53
Per Heiberg, CFO, Golden Ocean Management AS +47 22 01 73 45
Forward-Looking Statements
Matters discussed in this press release may
constitute forward-looking statements. The Private Securities
Litigation Reform Act of 1995 provides safe harbor protections for
forward-looking statements, which include statements concerning
plans, objectives, goals, strategies, future events or performance,
and underlying assumptions and other statements, which are other
than statements of historical facts. Words such as "believe",
"anticipate", "intends", "estimate", "forecast", "project", "plan",
"potential", "may", "should", "expect", "pending" and similar
expressions identify forward-looking statements.
The forward-looking statements in this press
release are based upon various assumptions. Although we
believe that these assumptions were reasonable when made, because
these assumptions are inherently subject to significant
uncertainties and contingencies which are difficult or impossible
to predict and are beyond our control, we cannot assure you that we
will achieve or accomplish these expectations, beliefs or
projections. The information set forth herein speaks only as of the
date hereof, and we disclaim any intention or obligation to update
any forward-looking statements as a result of developments
occurring after the date of this communication.
In addition to these important factors and
matters discussed elsewhere herein, important factors that, in our
view, could cause actual results to differ materially from those
discussed in the forward-looking statements include the strength of
world economies, fluctuations in currencies and interest rates,
general market conditions, including fluctuations in charter hire
rates and vessel values, changes in demand in the dry bulk market,
changes in our operating expenses, including bunker prices,
drydocking and insurance costs, the market for our vessels,
availability of financing and refinancing, changes in governmental
rules and regulations or actions taken by regulatory authorities,
potential liability from pending or future litigation, general
domestic and international political conditions, potential
disruption of shipping routes due to accidents, political events or
acts by terrorists, and other important factors described from time
to time in the reports filed by the Company with the Securities and
Exchange Commission.
This information is subject to the disclosure
requirements of section 5-12 of the Norwegian Securities Trading
Act.
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