Western Bulk Chartering AS completed private placement

Western Bulk Chartering AS has successfully completed a private placement with NOK 154 million (approximately USD 18 million) in gross proceeds by issuing 4.6 million new shares with a subscription price of NOK 33.40 per share.

Commenting on the transaction, Jens Ismar, CEO of Western Bulk said, "We are very pleased with the continued strong support from our largest shareholders in this transaction. The capital increase ensures a solid cash position of the Group, and brings the total available cash up to almost USD 50 million currently, including the Group's undrawn bank credit line. With the improved operational performance seen in Q4-16 and into 2017, and with the new capital in place, the Group is well positioned for the future”.

The transaction was directed towards the largest shareholders as of 30 December 2016 as registered with the Norwegian Central Securities Depositary ("VPS") as of 3 January 2017, and was managed by Pareto Securities as sole bookrunner.

For more information, please contact:
Jens Ismar, Chief Executive Officer
Tel: +47 9009 0897
E-mail: jens.ismar@westernbulk.com

Western Bulk

Email and IT-related Fraud Alert

There is an increasing risk of attempted fraud and other security threats via email. In particular, Western Bulk has noticed an increase of fraudulent requests to change bank account details of suppliers/creditors, in an attempt to redirect payments to criminals and not to the intended recipient. We encourage everyone to be vigilant and learn to detect fraudulent email instructions - seemingly legitimate emails may contain fraudulent information, this is not just a cybersecurity matter.

As a result, Western Bulk will treat any notice of bank account changes as suspicious. Urgent pressure to effect payment as soon as possible without verification of the changes will also be treated as suspicious.

Please note that Western Bulk would not inform of changes to bank account details by email notice alone. In the unlikely event that we need to change a beneficiary name or our other bank account details, we would personally contact our supplier or customer in order to personally verify any change in details.

Similarly, we ask that all our suppliers and creditors:

1. first notify us in writing and
2. personally verify any change in bank details or change in beneficiary in any payment advice to Western Bulk.

In summary, notices of bank account changes will require voice confirmation from your Western Bulk contact, either by telephone or face to face, before payment can be authorised so please make sure to notify any changes in good time.