Karel Van de Velde

December 03, 2014 12:02 ET

Karel Van De Velde Announces Late Filing of Early Warning Report Relating to North Sea Energy Inc.

GENEVA, SWITZERLAND--(Marketwired - Dec. 3, 2014) - Karel Van de Velde announced today that following his purchase of 143,000 common shares of North Sea Energy Inc. (TSXV:NUK) (the "Company") on October 29, 2014 through the facilities of the TSX Venture Exchange ("TSX-V"), he now has deemed 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 (including the 143,000 Common Shares mentioned above) 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.

As a result of inadvertence from the part of Mr. Van de Velde and because of his lack of knowledge of Canadian securities laws, news releases and early warning reports required by applicable securities legislation to be filed for each of the above described subscription of Convertible Debentures and acquisitions of Common Shares were not filed.

At the time of the subscription for the Convertible Debentures on November 12, 2012, Mr. Van de Velde was already the beneficial owner of 1,285,000 Common Shares. Consequently, immediately subsequent to the subscription for the Convertible Debentures, Mr. Van de Velde became subject to early warning reporting under Canadian securities laws and was considered the beneficial owner or was deemed beneficial owner of 9,729,444 Common Shares representing approximately 14.53% of the Company's then issued and outstanding Common Shares taking into account the full conversion of the Convertible Debentures.

In addition, from July 23, 2013 to October 29, 2014, Mr. Van de Velde acquired through the facilities of the TSX Venture Exchange an aggregate of 10,710,000 Common Shares or approximately 18.06% of the currently issued and outstanding Common Shares.

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. Until such time as all compliance issues related to Mr. Van de Velde's failure to file early warning and insider reports have been resolved with the Canadian securities regulators, Mr. Van de Velde will not acquire and/or dispose of any securities of the Company.

An early warning report reflecting the above-noted acquisitions of Common Shares and securities convertible into Common Shares has now been filed, a copy of which has been sent to the Company and is available on SEDAR at www.sedar.com.

Mr. Van de Velde has the intention to file as soon as appropriate insider reports via the System for Electronic Disclosure by Insiders ("SEDI") for all transactions involving securities of the Company during the period in which he has been an insider of the Company.

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