Oversubscribed Subsequent Offering – NEL ASA

Wed, Jul 08, 2015 08:00 CET

Oslo, 8 July 2015

Reference is made to stock exchange announcements by NEL ASA (the "Company" or "NEL") in connection with the Subsequent Offering.

The Subscription Period for the Subsequent Offering ended yesterday, 7 July 2015, at 16:30 CET.

The Subsequent Offering was significantly oversubscribed, resulting in gross proceeds of NOK 30 million through the issuance of 22,222,222 new shares at a subscription price of NOK 1.35.

The subscribers who were allocated shares will receive a letter confirming the number of shares allocated and the corresponding amount to be paid by each subscriber. The letters will be distributed today.  Payment for the allocated shares falls due on 10 July 2015.

The new shares may not be transferred or traded before they are fully paid and the share capital increase has been registered with the Norwegian Register of Business Enterprises, which is expected on or about 14 July 2015. The new shares are expected to be delivered to the subscribers on or about 15 July 2015.

Following the registration of the new share capital with the Norwegian Register of Business Enterprises, the Company will have 620,601,326 shares outstanding, each with a par value of NOK 0.20.

The Subsequent Offering is managed by Carnegie AS.

For further information, please contact:

Lars Christian Stugaard

Acting CEO

+47 23 01 49 06 / +47 47 63 05 22

lars.christian.stugaard@nel-hydrogen.com