Lysaker, 7 April 2021Axxis Geo Solutions ASA ("Axxis" or the "company") today announces the final
proposal for the company reconstruction pursuant to the court protected
"Axxis will have a balanced financial position and good liquidity reserves to
support continued operations following a successful reconstruction. The final
proposal is largely in line with the proposal presented before Easter and is
subject to a creditor vote and subsequent Extraordinary General Meetings in late
April and mid May, "says Nina Skage, Board Member of Axxis and part of the
Reference is made to the Stock Exchange Announcement 16 March 2021 regarding the
draft company reconstruction proposal. The company today announces the final
proposal, which is submitted to the creditors for vote. The proposal consists of
the following main elements:
o The proposal from the company involves a forced debt settlement of the
company's unsecured debt. Secured debt, up to the value of the pledged assets,
is not part of the forced debt settlement.
o Cash settlement of 10% of the outstanding amount, or alternatively, Creditors
will have an option to convert their outstanding claim to shares in the company.
The conversion price is set to 0.5 NOK/share.
o The proposal will be financed through raising new equity in the range of USD
17-20 million at a subscription price of 0.1NOK/share. An amount of USD 17
million is guaranteed by a group of investors. The equity issue will be subject
to shareholder approval at an extraordinary general meeting, which will be held
28 April 2021.
The proposal for reconstruction and an updated corporate presentation are
enclosed. The proposal for reconstruction with voting instructions are also sent
each creditor separately.
For further information, please contact:
Nina Skage, member of the Board of Directors,
Ronny Bøhn, CEO,
+47 905 58 517
Nils Haugestad, CFO,
+47 977 04 439
Axxis Geo Solutions (Axxis) is a pure-play ocean bottom node seismic company
uniquely positioned to pursue both contract and multi-client seismic. Axxis
specializes on delivering tailored seismic solutions and flexible project
management and execution to oil and gas companies world-wide. Its operations are
based on a scalable asset-light setup through chartering of vessels and nodes to
complete seismic surveys. Axxis is listed on Oslo Axess and traded under the
More information on www.axxisgeo.com.
This information is considered to be inside information pursuant to the EU
Market Abuse Regulation and is subject to the disclosure requirements pursuant
to Section 5-12 the Norwegian Securities Trading Act.
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© Oslo Bors ASA, source Oslo Stock Exchange