Karel Van de Velde

September 09, 2015 16:00 ET

Karel Van De Velde Announces Filing of an Amended and Revised Early Warning Report Relating to His Holding of Securities of North Sea Energy Inc.

GENEVA, SWITZERLAND--(Marketwired - Sept. 9, 2015) - Karel Van de Velde announced today the filing of an amended and revised Early Warning Report updating his ownership of securities of North Sea Energy Inc. (TSXV:NUK) (the "Company"). This amended and revised Early Warning Report was prepared following comments received from the Ontario Securities Commission with respect to the disclosure contained in Mr. Van de Velde's December 3, 2014 Early Warning Report filed in connection with his ownership of securities of the Company.

Currently, Mr. Van de Velde has or is deemed to have beneficial ownership of 20,439,444 common shares of the Company or approximately 30.17% of all of the issued and outstanding common shares of the Company (collectively, the "Common Shares"). This calculation is arrived at taking into account Mr. Van de Velde's existing holding of securities of the Company consisting of convertible debentures of the Company with an aggregate principal amount of C$3,800,000 subscribed for on November 12, 2012 (collectively, the "Convertible Debentures") and his holding of 11,995,000 Common Shares purchased through the facilities of the TSX-V starting on June 4, 2012 and ending on October 29, 2014. This calculation also assumes full conversion of the Convertible Debentures. The Convertible Debentures are convertible into 8,444,444 Common Shares at the option of its holder at any time until November 22, 2017 at the conversion price of C$0.45 per share.

Mr. Van de Velde acquired all of the above-noted Common Shares or securities convertible into Common Shares for investment purposes and not for the purpose of exercising control or direction over the Company.

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