Norse Energy Corp ADR (NSEEY)

[reaper247]

Norse Energy Corp ASA: Norse Announces Convertible Loan

(full story at link)
http://ih.advfn.com/p.php?pid=nmona&article=53436508&symbol=NSEEY

“Regulatory News:

Norse Energy Corp. ASA ("NEC" ticker Oslo Stock Exchange, Norway; "NSEEY" ticker U.S. OTC) announces that the Board of Directors, in accordance with the authorization given by the Extraordinary General Meeting held 5 July, 2012, has resolved to approve the entering into of a convertible loan agreement with MP Pensjon PK.

The loan will be 1,500,000 NOK at an interest rate of ten percent per annum, with a maturity date of 12 July 2015. The loan will be unsecured and may be converted into shares in Norse Energy. The conversion price will be the lesser of the volume weighted average trading price the five days preceding the funding date of the loan or the lowest subscription price for private placements prior to 1 July 2015.”

IMO and FWIW.