Norse Energy Corp ASA: Completed Rights Offering

Regulatory News:

Reference is made to the stock exchange announcement on the financial restructuring dated 25 April 2013 and the prospectus dated 10 June 2013 (the "Prospectus") regarding, inter alia, the offering of up to 234,052,000 shares in a rights issue at a subscription price of NOK 0.25 per offer share, each with a nominal value of NOK 0.075, with tradable subscription rights for eligible shareholders in Norse Energy Corp. ASA and a guarantee set-off from certain bond-holders.

The subscription period for the rights issue expired on 5 July at 16:30 hours (CET). At closing of the offering, 43,585,535 shares were subscribed. Payment for the shares falls due on 16 July 2013 as further described in the Prospectus.

As a part of carrying out the financial restructuring, the lenders under the NEC07 bond loan agreed to set-off the NOK-equivalent to USD 9,000,000, less any amount of gross proceeds subscribed for in the rights issue exceeding USD 1,000,000, at a conversion rate of NOK 0.25 per Share, comprising issue of up to 210,646,800 Shares, as further described in the Prospectus. As a result of the rights issue, this guarantee is resulting in a set-off of 8,137,784.12 USD and issue of 190,466,464 shares.

Furthermore, an amount of USD 862,215.88 (gross proceeds in excess of 1,000,000 USD), will be used to partially repay the NEC 07 bond loan. Following the set-off and the partial repayment, the outstanding amount under the NEC 07 bond loan is USD 6,000,000.

For further details regarding the offering and the guarantee reference is made to the Prospectus.

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