Frontline Ltd. has, in order to further strengthen its equity base to support its bid for ICB, raised NOK 172 million on September 24, through a private placement of 4.5 million shares at a subscription price of NOK 38.25 per share.
Frontline has also exercised the remaining shares under its clawback arrangement with Goldtec. A total of 1.1 million shares have been called with a net profit to Frontline of approximately USD 2.5 million.
There are after this no more outstanding shares under the clawback-arrangement. The arrangement has yielded a total profit to Frontline of approximately USD 6.4 million on a sale of 4.45 million shares. The gain will be booked in the Company's 3rd quarter results.
Contact person: Tom E. Jebsen, CFO, +47-23-11-40-00