Belships ASA

Successfully Completed Private Placement

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART DIRECTLY OR INDIRECTLY, IN AUSTRALIA, CANADA, JAPAN OR THE UNITED STATES DIRECTLY OR INDIRECTLY, IN AUSTRALIA, CANADA, JAPAN OR THE UNITED STATES OR ANY OTHER JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL. THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER OF ANY OF THE SECURITIES DESCRIBED HEREIN.

Oslo, 9 March 2021

Reference is made to the stock exchange notice released by Belships ASA (OSE: BEL; "Belships" or the "Company") on 9 March 2021 regarding a contemplated private placement (the "Private Placement") of up to 20 million new shares in the Company. The Private Placement took place through an accelerated bookbuilding process after close of market today, on 9 March 2021.

The Company is pleased to announce that the Private Placement has been successfully completed and that it has raised NOK 140 million (equivalent to approx. USD 17 million) through the allocation of 20,000,000 shares (the "Offer Shares") at a subscription price of NOK 7.00 per share. The allocation and completion of the Private Placement has been resolved by the Company's Board of Directors pursuant to an authorisation granted by the Company's general meeting held 14 May 2020.

Arctic Securities AS and Pareto Securities AS (the "Managers") acted as Joint Lead Managers and Bookrunners for the Private Placement. The book was composed of high quality private and institutional investors. Through the completion of the Private Placement, the company has successfully expanded its shareholder base and increased the tradeable free float of the Belships share.

“We are pleased to have concluded another important transaction with the aim of further expansion. We see lots of potential for our company and we will continue to execute on our growth strategy which we believe will lead to increased profitability,” said Belships’ CEO, Lars Christian Skarsgård. 

The Offer Shares allocated in the Private Placement will be delivered on or about 12 March 2021 on a DVP (Delivery versus Payment) basis. Subscribers will receive existing and unencumbered shares in the Company already listed on the OSE pursuant to a share lending agreement between the Company, Arctic Securities AS (in its capacity as settlement manager), and Kontrari AS, and the shares will be tradeable upon allocation. The shares borrowed for settlement of the Private Placement will be redelivered to the share lenders in the form of new shares in the Company and will be listed on the Oslo Stock Exchange following registration of the share capital increase in the Norwegian Register of Business Enterprises.