HAMILTON, Bermuda, Jan. 22, 2021 /PRNewswire/ -- NOT FOR RELEASE,
PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART DIRECTLY OR
INDIRECTLY, IN AUSTRALIA,
CANADA, JAPAN, HONG
KONG OR ANY OTHER JURISDICTION IN WHICH THE RELEASE,
PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL. THIS ANNOUNCEMENT
DOES NOT CONSTITUTE AN OFFER TO BUY, SELL OR SUBSCRIBE FOR ANY
SECURITIES DESCRIBED HEREIN.
Reference is made to Borr Drilling Limited's ("Borr Drilling" or
the "Company") (NYSE and OSE: "BORR") stock exchange release on
21 January 2021, and the contemplated
equity offering of USD 40 million in
new depository receipts.
Borr Drilling is pleased to announce that the board of directors
of the Company (the "Board") has, due to very high demand,
increased the size of the offering to USD 46 million, and
approved the subscription and allocation of a total of 54,117,647
in new depository receipts (the "Offer Shares"), representing the
beneficial interests in the same number of the Company's underlying
common shares, each at a subscription price of USD 0.85 per Offer Share (equivalent to
NOK 7.1655 per Offer Share), raising
gross proceeds of USD 46 million.
Following issuance of the Offer Shares, the Company's
outstanding and issued share capital will increase by USD 2,705,882.35 to USD
13,721,817.55, divided into 274,436,351 common shares, each
with a nominal value of USD 0.05 per
share. The Board has resolved not to conduct any subsequent
offering.
Allocation letters will be distributed today. The date for
settlement of the Offer Shares is expected to be on or about
26 January 2021, following
publication of a prospectus approved by the Financial Supervisory
Authority of Norway relating to
the listing of the Offer Shares. The Offer Shares will be listed on
the Oslo Stock Exchange ("OSE") upon delivery. No Offer Shares will
be offered or sold in transactions on the NYSE.
This information is subject to the disclosure requirements
pursuant to section 5-12 of the Norwegian Securities Trading
Act.
Important note
This announcement is not being made in or into Canada, Australia, Japan, Hong
Kong or in any other jurisdiction where it would be
prohibited by applicable law. This announcement does not constitute
or form part of an offer or solicitation of an offer to purchase or
subscribe for securities in the United
States. The shares referred to herein have not been
registered under the United States Securities Act of 1933, as
amended, and may not be offered or sold in the United States, except pursuant to an
applicable exemption from registration.
This information was brought to you by Cision
http://news.cision.com
For further information, please contact:
Magnus Vaaler
ir@borrdrilling.com
Phone: +47 22 48 30 00
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SOURCE Borr Drilling Limited