NorAm Drilling Company AS (“NorAm”) is pleased to announce that it has completed a share consolidation plan in a ratio of 20:1. In addition, NorAm has completed a rights issue with its existing shareholders and certain directors and management.
A total of 10,000,000 new shares have been issued with total proceeds of NOK 200 million, or approximately USD 23.4 million. Following the share consolidation and rights offering, NorAm will have 23,392,317 shares outstanding. Proceeds from the rights issue will be utilized to acquire additional drilling rigs and for general corporate purposes.
Additionally, NorAm has changed its ticker symbol on the NOTC list in Oslo, Norway to “NORAM” from its previous ticker symbol of “GRIC”.
For further information please contact:
Marty L Jimmerson
CEO & CFO
NorAm Drilling Company owns and operates a high-quality rig portfolio of 9 “Super Spec” advanced high-end AC driven rigs tailored for drilling of horizontal wells in the US land drilling market. These rigs are designed to combine the cost efficiency of a compact rig with the versatility of different rig classes, enabling the rigs to cover a broad range of wells for both liquids and gas. Currently, all of our rigs are operating in the Permian Basin in Texas.