REC: Result of subsequent offering

Tue Sep 4, 2012 2:43am EDT

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NOT FOR PUBLICATION, DISTRIBUTION OR RELEASE, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, HONG KONG, JAPAN OR SWITZERLAND, OR ANY OTHER JURISDICTION IN WHICH THE PUBLICATION, DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL. THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER OF ANY OF THE SECURITIES DESCRIBED HEREIN.

Sandvika, September 4, 2012: Reference is made to the stock exchange announcement dated July 27, 2012 and the prospectus dated July 27, 2012 (the "Prospectus") regarding, inter alia, the subsequent offering ("Subsequent Offering") of minimum 1 and maximum 250,000,000 new shares (the "Offer Shares") at a subscription price of NOK 1.50 per Offer Share in Renewable Energy Corporation ASA ("REC" or the "Company"). The subscription period for the Subsequent Offering expired on September 3, 2012 at 16:30 hours (CET) and the Subsequent Offering was over-subscribed by approximately 13 percent.

Based on the subscriptions received and the allocation principles set out in the Prospectus, a total of 250,000,000 Offer Shares have been allocated to the subscribers at a price per Offer Share of NOK 1.50.

Notice of allocation of Offer Shares and the corresponding amount to be paid by each subscriber will be sent to the subscribers on September 4, 2012. Payment for the allocated Offer Shares falls due on September 7, 2012 (the "Payment Date"), and all subscribers allotted Offer Shares must ensure that sufficient funds are available in the bank account stated in the subscription form from and including the date falling two banking days prior to the Payment Date. Following the registration of the share capital increase pertaining to the Subsequent Offering with the Norwegian Register of Business Enterprises, the Company's share capital will be NOK 2,113,818,785, divided into 2,113,818,785 shares, each with a nominal value of NOK 1.00. The Offer Shares will automatically be listed on Oslo Børs at the time of such registration, expected to take place on or about September 10, 2012.

The Offer Shares may not be transferred or traded until they are fully paid by the individual subscriber.

For further details regarding the Subsequent Offering, reference is made to the Prospectus.

Arctic Securities ASA (Coordinator), DNB Markets, a part of DNB Bank ASA and Nordea Markets, a part of Nordea Bank Norge ASA, act as joint lead managers and bookrunners for the Subsequent Offering (collectively, the "Managers").

For further information, please contact

Mikkel Tørud, VP & IRO, phone: +47 976 99 144

Important notice

This announcement is not an offer for sale of securities in the United States or any other country in which such offer would be unlawful or would require a prospectus, registration or other measures. The securities referred to herein have not been registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), and may not be sold in the United States absent registration or pursuant to an exemption from registration under the U.S. Securities Act. REC does not intend to register any portion of the offering of the securities in the United States or to conduct a public offering of the securities in the United States. Copies of this announcement are not being made and may not be distributed or sent into the United States, Canada, Australia, Hong Kong, Japan or Switzerland, or any other jurisdiction in which such distribution would be unlawful or would require registration or other measures.

This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)



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Source: Renewable Energy Corporation ASA via Thomson Reuters ONE

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