Refinancing/private placing

DNO took up a NOK 175 million redeemable bond loan in May 2001, with a three-year loan period. In June 2002, DNO repaid NOK 79 million of this loan. NOK 84 million of the remaining NOK 96 million was repaid on 2 June 2003.
On 2 June 2003, DNO took up a new six-month NOK 51 million loan certificate to partially refinance the repayment of the bond loan.
In a meeting on 2 June 2003, the Board of Directors of DNO ASA decided to offer a private placing of 2,000,000 shares at a price of NOK 17.90 per share, in all NOK 35,800,000, based on the authorisation given to the Board of Directors by the annual general meeting on 21 May 2002. The placing was subscribed by an investors syndicate organised by ABG Sundal Collier after the closing of the stock exchange on 2 June 2003.
The private placing increased the company's share capital from NOK 216,728,788 to NOK 224,728,788. The number of shares increased by 3.69 per cent to 56,182,197, the nominal value of each share being NOK 4.