Polarcus Announces Private Placement of New Equity (U.A.E)

The Board of Directors of Polarcus Limited announces that it has resolved to issue 57,500,000 new shares through a private placement  to Sabaro Investments Limited.

The new shares were subscribed for at a price of NOK 4.00 per share. Total gross proceeds from the Private Placement will amount to NOK 230 million (approximately USD 40 million). Following the registration of the new shares, the Company will have 467,196,179 shares outstanding. Polarcus does not intend to conduct a subsequent repair issue.

The Private Placement completes the financing of the acquisition of the vessels Polarcus Amani and Polarcus Adira.

The payment for the new shares will take place on or around 21 October 2011. The new shares will be registered at a separate ISIN number and may not be traded on Oslo Axess until the Company has issued a listing prospectus and the new shares have been registered in the VPS under the Company’s ordinary ISIN.

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Source: Polarcus, October 12 , 2011