The Company has completed a Private Placement raising NOK 16,476,293 (c.US$2 mm) through the allocation of 96,919,370 shares at NOK 0.17/sh on a pre-consolidation basis. The subscription price represents a discount of NOK 0.04 to the opening price of the shares on the Oslo Axess on Thursday. The proceeds from the Private Placement will be used to strengthen the Company's balance sheet and liquidity position, to fund working capital and for general corporate purposes.