OilVoice - PA Resources Rights Issue Fully Subscribed

PA Resources Rights Issue Fully Subscribed

Friday, June 18, 2010

The preliminary result of the rights issue of PA Resources AB indicates that approximately 466.6 million new shares, representing approximately 99.3 percent of the shares offered, were subscribed for by the exercise of subscription rights. The remaining part of the rights issue will be allotted to those who have applied for subscription without subscription rights according to the principles outlined in the prospectus. In total, applications for subscription without subscription rights representing approximately 575 million new shares have been received. Thus, the rights issue is fully subscribed and the underwriting commitments will not be utilized. The final result of the rights issue will be announced on or about 22 June 2010. Through the rights issue PA Resources will receive proceeds amounting to approximately SEK 1,761 million before transaction costs.

"We are very pleased with the preliminary outcome of the rights issue and the large support from our shareholders. We now have a solid financial position and the necessary resources to implement our five year plan, with focus to move more of our assets into production phase," says Bo Askvik, President and CEO of PA Resources.