Rec Silicon ASA : - Result of the Private Placement

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART DIRECTLY OR INDIRECTLY, IN AUSTRALIA, CANADA, JAPAN OR THE UNITED STATES OR ANY OTHER JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL.

Fornebu, Norway - July 16, 2015: Reference is made to the stock exchange announcement dated 15 July 2015 in connection with a contemplated private placement of up to 230,000,000 new ordinary shares (the "Private Placement") in REC Silicon ASA (the "Company" or "REC"). 

The Private Placement was significantly oversubscribed, and the board of directors of REC has resolved to complete the Private Placement. The Company has allocated 230,000,000 new ordinary shares at a price of NOK 1.55 per share in the Private Placement to existing shareholders and new investors, with gross proceeds of NOK 356.5 million.

The following primary insiders were allocated new shares in the Private Placement:
- Umoe AS, a company controlled by Jens Ulltveit-Moe, was allocated 60,000,000 new ordinary shares

Settlement of the Private Placement is expected to take place on or about 20 July 2015. The new shares will be tradable and delivered as soon as the new shares have been fully paid and the share capital increase has been registered in the Norwegian Register of Business Enterprises, which is expected to be on or about 22 July 2015.

Arctic Securities AS and Swedbank Norge, branch of Swedbank AB (publ) acted as Managers for the Private Placement. 

For further information, please contact:
Chris Bowes
Investor Relations
Phone: +1 509 793 8127
Email: chris.bowes@recsilicon.com

Nils O. Kjerstad
IR Contact Europe
Phone: +47 9135 6659
Email: nils.kjerstad@crux.no

About REC Silicon
REC Silicon ASA is a leading innovator of advanced silicon materials, supplying to solar and electronics industries worldwide. We utilize 30 years' experience and best-in-class proprietary technology to deliver on customer expectations. Combined, our two U.S. based plants have a 20,000 MT high-purity polysilicon capacity, and nearly 30,000 MT capacity of silicon gas.  REC Silicon is headquartered in Moses Lake, Washington and employs approximately 720 people. Listed on the Oslo Stock Exchange under the ticker: REC.

For more information, please visit: www.recsilicon.com

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

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Important information:
The release is not for publication or distribution, in whole or in part directly or indirectly, in or into Australia, Canada, Japan or the United States (including its territories and possessions, any state of the United States and the District of Columbia).

This release is an announcement issued pursuant to legal information obligations, and is subject of the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act. It is issued for information purposes only, and does not constitute or form part of any offer or solicitation to purchase or subscribe for securities, in the United States or in any other jurisdiction. The securities mentioned herein have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "Securities Act"). The securities may not be offered or sold in the United States except pursuant to an exemption from the registration requirements of the Securities Act. The Company 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 Australia, Canada, Japan or the United States. The issue, exercise, purchase or sale of subscription rights and the subscription or purchase of shares in the Company are subject to specific legal or regulatory restrictions in certain jurisdictions. Neither the Company nor the Managers assume any responsibility in the event there is a violation by any person of such restrictions.

The distribution of this release may in certain jurisdictions be restricted by law. Persons into whose possession this release comes should inform themselves about and observe any such restrictions. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction. Arctic Securities and Swedbank are acting for the Company and no one else in connection with the Private Placement and any subsequent offering and will not be responsible to anyone other than the Company for providing the protections afforded to their respective clients or for providing advice in relation to the Private Placement and any subsequent offering and/or any other matter referred to in this release.