Western Bulk Chartering AS completes private placement

Western Bulk Chartering AS today announces that it has successfully completed the application process for a private placement with NOK 167 million in gross proceeds by issue of 5,000,000 new shares, each with par value of NOK 0.05 at NOK 33.40 per share.

The Private Placement was directed towards the largest shareholders in Bulk Invest ASA (formerly Western Bulk ASA) as of 25 February 2016 as registered with the VPS as of 29 February 2016.

Commenting on today's announcement, Jens Ismar, CEO of WBC said, "We are very pleased to have concluded this fundraising with the support from previous BI shareholders. The private placement provides WBC with a significantly improved capital position and a strong platform to continue to service our global customers and grow our business”.

The Private Placement was managed by Pareto Securities as Sole Bookrunner.

In connection with the Private Placement WBC will conduct a share split of 1:2,000 bringing the total number of outstanding shares pre Private Placement to 4,000,000, each with a par value of NOK 0.05.

Total number of shares post Private Placement will be 9,000,000 shares, each with a par value of NOK 0.05.

The Private Placement is subject to (i) being approved by the extraordinary general meeting of the Company, which will be held today (the “EGM”) and (ii) the bondholders in the WBULK01 PRO bond approving the proposal set forth by the Company. The proposal includes certain amendments to the bond agreement, including but not limited to replacement of Kistefos Equity Operations AS as borrower with WBC as the new borrower under the Bond. The bondholders meeting is scheduled to 27 June 2016.

Notification of conditional allotment and payment instructions for the Private Placement will be sent to the applicants on or about 21 June 2016.

The company will propose to the EGM to conduct a subsequent repair offering of up to the NOK equivalent of USD 5 million at NOK 33.40 per share directed at those shareholders of Bulk Invest ASA as of 25 February 2016 (as documented by the shareholder register in the VPS as of 29 February 2016) who were not participating in the Private Placement.

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.