22.05.09 - Notice

INDEPENDENT OIL & RESOURCES ASA - NOTICE 22 MAY 2008


IO&R has on 20 May 2009 completed a private placement of a total of 45,000,000 new shares, an increase of 13,4%, at a subscription price of NOK 0.20 per share. The gross proceeds from the private placement amounts to NOK 9,000,000.

The proceeds from the private placement will be used to strengthen IO&R's cash position hereunder reduce its debt related to investments.

Upon registration of the new shares issued in the private placement, IO&R’s share capital will amount to NOK 9,525,153.65 – corresponding to 381,006,146 shares, each with a par value of NOK 0.025.

 
Independent Oil and Resources ASA

Board of Directors, 22 May 2009