REC’s board of directors has proposed an offering of NOK1.300 million through a private placement, it has been announced. The board of directors will propose an issuance of 866,666,667 new shares to existing shareholders and new investors at a subscription price of NOK1.50 to the Extraordinary General Meeting (EGM), scheduled for July 18, 2012. The price was determined by book building processes carried out by DNB Markets, Nordea Markets and Arctic Securities. The funds from the private placement will be utilized for a partial repayment of the €100 million convertible bonds. Umoe AS and Canica AS are among the primary insiders that have been allocated new shares. Conditions have been set and will have to be met by July 31, 2012, in order to complete the private placement.