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Nordic Maritime exercises option to subscribe further shares

In light of the development of Nordic Shipholding A/S's cash position, as announced by the Company in company announcement no. 11/13 published on 13 December 2013, Nordic Maritime has informed the Company that it will exercise the option granted to Nordic Maritime in the conditional restructuring agreement entered into between the Company and Nordic Maritime on 22 November 2013, to subscribe further shares against a cash payment to the Company of USD 2 million at completion of the restructuring. Assuming a successful completion of the conditional restructuring agreement, the exercise of the option, will imply that following completion existing shareholders in the Company will hold approx. 9.6% of the shares, the Company's lending banks approx. 14.4% and Nordic Maritime will hold approx. 76%.

Further, the temporary working capital facility mentioned in the Company's announcement no. 9/2013 published on 22 November 2013, has been increased to USD 4 million and will, subject to completion of the restructuring, be made available for general working capital purposes.
Source: Nordic Shipholding A/S