Norse Atlantic Raises $30 Mln From Private Placement

Norse Atlantic Raises $30 Mln From Private Placement

By Dominic Chopping Norse Atlantic ASA said Friday it has raised 300 million Norwegian kroner ($30.3 million) from a private placement of 120 million new ordinary shares. The Norway-based low-cost carrier said shares were offered at NOK2.50 each and the offering was one and a half times oversubscribed. Net proceeds will be used to maintain a targeted cash buffer after a requirement from U.K. air authorities to have $46 million for use by the company's wholly-owned U.K. subsidiary Norse Atlantic …