BRIEF-REC raises $695 mln in rights issue

OSLO, June 23 (Reuters) - Renewable Energy Corp. (REC) (REC.OL) said:

* Raises 4.5 billion Norwegian crowns ($695.1 million) in rights issue

* Prices new rights offering at 26.50 crowns/share

* Subscription period for new rights runs June 29-July 13

* To issue 170.45 mln new shares

* Rights issue fully underwritten by main shareholders ($1=6.474 Norwegian Crown)

(Reporting by Oslo newsroom)