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