Contemplated Private Placement of Equity

DNO International ASA has retained ABG Sundal Collier Norge ASA as Lead Manager and sole bookrunner and DnB NOR Markets as Co-Manager to advise on and effect a contemplated private placement of up to 45 million new shares directed towards Norwegian and international institutional investors in such jurisdictions as permitted or catered for by exemption rules under applicable securities laws (the "Private Placement").

The Private Placement will be carried out through a book-building process, and will consist of up to 45 million new shares, equivalent to approximately 5% of the number of outstanding shares in DNO International ASA. The minimum subscription and allocation is the NOK or share equivalent to EUR 50,000.

Use of proceeds from the private placement will be exploration and appraisal drilling beyond the current investment plans, new license entries and general corporate purposes.

The book-building period will commence today 17 November 2010 at 17:30 CET and close on 18 November 2010 at 07:30 CET. The Company may, however, at any time resolve to close or extend the book-building period at its own discretion and for any reason.

The new shares to be issued in connection with the Private Placement will be issued pursuant to the authorization granted to the Board of Directors at the annual general meeting on 18 June 2009. 

Oslo, 17 November 2010

DNO International ASA
Corporate Communications

Contacts:

Media: 
Communication Director Tom Bratlie
Phone: +47 905 21 904 

Financial market:
CFO Haakon Sandborg
Phone: +47 23 23 84 80


IMPORTANT NOTICE:
This notice is not for distribution to United States new services or for dissemination in the United States, Canada, Japan or Australia or elsewhere where such dissemination is not appropriate.

The contents of this announcement have been prepared by and are the sole responsibility of DNO International ASA ("DNO"). ABG Sundal Collier Norge ASA and DnB NOR Markets are acting exclusively for DNO and no one else and will not be responsible to anyone other than DNO for providing the protections afforded to their respective clients, or for advice in relation to the contemplated Private Placement and the contents of this announcement or any of the matters referred to herein.
The distribution of this announcement and other information in connection with the Private Placement may be restricted by law in certain jurisdictions.  Persons into whose possession this announcement or such other information should come are required to inform themselves about and to observe any such restrictions.

This announcement may not be used for, or in connection with, and does not constitute, any offer to sell, or an invitation to purchase, any securities. The Private Placement will not be made in any jurisdiction or in any circumstances in which such offer or solicitation would be unlawful.

The securities referred to herein have not been and will not be registered under the US  Securities Act of 1933, as amended, and may not be  offered or sold in the United States or to US persons unless the securities are registered under the Securities Act, or an exemption from the registration requirements of the Securities Act is available. No public offering of the securities will be made in the United States.


 

This information is subject of the disclosure requirements acc. to ยง5-12 vphl (Norwegian Securities Trading Act)