DNO International orchestrates private placement of 45 million shares

Proceeds of offering to be used for exploration and appraisal drilling

By Devika Patel

Knoxville, Tenn., Nov. 17 - DNO International ASA announced it plans a private placement of up to 45 million shares, or 5% of its outstanding shares.

The company has retained ABG Sundal Collier Norge ASA as lead manager and bookrunner and DnB NOR Markets as co-manager for the placement.

The deal will be conducted through a bookbuilding process. The minimum subscription will be the Norwegian krone or share equivalent to €50,000.

The bookbuilding period will begin Wednesday and is expected to close on Nov. 18.

Proceeds will be used for exploration and appraisal drilling beyond the current investment plans, new license entries and general corporate purposes.

DNO is an oil and natural gas company based in Oslo.

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