Green Energy Group (SeaBird Exploration Plc): Contemplated private placement and potential sale of vessel


Green Energy Group (Seabird Exploration PLC), (“the “Company”) has retained
Fearnley Securities AS as Bookrunners (the “Managers”) to advise on and effect a
private placement (the “Private Placement”) of new shares, with the intention to
raise gross proceeds of between NOK 20 million and NOK 30 million.

The net proceeds to the Company from the Private Placement will be applied
towards working capital requirements related to increasing activities within
existing and new business segments, as well as towards general corporate
purposes. Certain existing shareholders and members of the Company’s Board have
pre-committed to subscribe for and be allocated shares totalling NOK 11 million.

The Company has applied for a customary waiver from instalment requirements from
its bank under its bank facility, and is, based on previous practice, expecting
a positive response in due course. The Company is contemplating to sell the
“Petrel Explorer” following interest from several prospective buyers of the
vessel. A mandate has been signed with an intermediary to ensure an efficient
sales process.

The Private Placement will be directed towards Norwegian and international
investors, subject to applicable exemptions from relevant registration, filing
and prospectus requirements, and subject to other applicable selling
restrictions. The minimum application and allocation amount has been set to the
NOK equivalent of EUR 100,000. The Company may however, at its sole discretion,
allocate amounts below EUR 100,000 to the extent exemptions from the prospectus
requirements in accordance with applicable regulations, including the Norwegian
Securities Trading Act and the prospectus regulation 2017/119 and ancillary
regulations, are available.

The offer price in the Private Placement will be determined by the board of
directors of the Company (the “Board”) following an accelerated bookbuilding
process. The bookbuilding and application period for the Private Placement
commences today, on 13 January 2022 at 16:30 CEST, and is expected to close no
later than 14 January 2022 at 08:00 CEST. The Company, after consultation with
the Managers, reserves the right to at any time and in its sole discretion close
or extend the application period. If the bookbuilding is shortened or extended,
the other dates referred to herein may be changed correspondingly.

Allocation of the shares in the Private Placement will be determined after the
expiry of the bookbuilding period, and the final allocation will be made by the
Board at its sole discretion, following advice from the Managers. DVP settlement
will be facilitated by existing and unencumbered shares in the Company being
borrowed by Fearnley Securities AS from certain existing shareholders pursuant
to a share lending agreement between such parties and the Company, meaning that
shares so settled will be tradable from allocation. The Managers will settle the
share loan with new shares in the Company to be issued by a resolution of the

Completion of the Private Placement is subject to the corporate resolutions of
the Company required to implement the Private Placement, including a resolution
of the Board to proceed with the Private Placement following the expiry of the
bookbuilding period and to increase the share capital of the Company.

The Company has considered the Private Placement in light of the equal treatment
obligations under the Norwegian Securities Trading Act and Oslo Børs’ Circular
no. 2/2014 and is of the opinion that the waiver of the preferential rights
inherent in a private placement, taking into consideration the time, costs and
risk of alternative methods of the securing the desired funding, is in the
common interest of the shareholders of the Company. Subject to completion of the
Private Placement and depending on the results of the bookbuilding, the Board of
Directors of the Company will consider to carry out a subsequent offering
directed towards existing shareholders in the Company as of the end of trading
today, 13 January 2022 (and as registered in the VPS as of the end of 17 January
2022) who are not resident in a jurisdiction where such offering would be
unlawful, or would (in jurisdictions other than Norway) require any prospectus
filing, registration or similar action who were not allocated shares in the
Private Placement (the “Subsequent Offering”). The subscription price in a
potential Subsequent Offering will be equal to the subscription price in the
Private Placement.

For more information, please contact:

Erik von Krogh


Tel:: + 47 930 38 075


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.

Important information:

The release is not for publication or distribution, in whole or in part directly
or indirectly, in or into Australia, Canada, Japan or the United States
(including its territories and possessions, any state of the United States and
the District of Columbia). This release is an announcement issued pursuant to
legal information obligations, and is subject of the disclosure requirements
pursuant to section 5-12 of the Norwegian Securities Trading Act. It is issued
for information purposes only, and does not constitute or form part of any offer
or solicitation to purchase or subscribe for securities, in the United States or
in any other jurisdiction. The securities mentioned herein have not been, and
will not be, registered under the United States Securities Act of 1933, as
amended (the “US Securities Act”). The securities may not be offered or sold in
the United States except pursuant to an exemption from the registration
requirements of the US Securities Act. The Company does not intend to register
any portion of the offering of the securities in the United States or to conduct
a public offering of the securities in the United States. Copies of this
announcement are not being made and may not be distributed or sent into
Australia, Canada, Japan or the United States.

The issue, subscription or purchase of shares in the Company is subject to
specific legal or regulatory restrictions in certain jurisdictions. Neither the
Company nor the Managers assume any responsibility in the event there is a
violation by any person of such restrictions.

The distribution of this release may in certain jurisdictions be restricted by
law. Persons into whose possession this release comes should inform themselves
about and observe any such restrictions. Any failure to comply with these
restrictions may constitute a violation of the securities laws of any such

The Managers are acting for the Company and no one else in connection with the
Private Placement and will not be responsible to anyone other than the Company
providing the protections afforded to their respective clients or for providing
advice in relation to the Private Placement and/or any other matter referred to
in this release.

Forward-looking statements: This release and any materials distributed in
connection with this release may contain certain forward-looking statements. By
their nature, forward-looking statements involve risk and uncertainty because
they reflect the Company’s current expectations and assumptions as to future
events and circumstances that may not prove accurate. A number of material
factors could cause actual results and developments to differ materially from
those expressed or implied by these forward-looking statements.