Sep 23, 2005. /Lesprom Network/. Norske Skog's extraordinary general meeting approved on Thursday the proposed rights offering in connection with the planned acquisition of the remaining 50% share in PanAsia Paper Company. Norske Skog expects to raise a total of approximately NOK 4 billion ($623 million) through this offering. In a board meeting after the extraordinary general meeting, the details of the rights offering were decided as follows: - Subscription price: NOK 70 ($10.9) per new share - Total number of new shares: 56 808 538 shares. - Total number of shares after the offering: 189.945.626 shares, each with a par value of NOK 10 ($1.6). - Norske Skog's share capital will subsequently increase by NOK 568 085 380 ($88.5 million) through this offering, and amount to NOK 1 899 456 260 ($296 million) after the offering is completed. - Existing shareholders as of 22 September (record date) will have a pre-emptive right to participate in the offering. - Each share held on the record date, will entitle to one transferable right. - Holders of rights will be entitled to subscribe, at the subscription price for 3 new shares for every 7 rights held. Norske Skog is a global supplier of publication paper with mills and sales offices on five continents. The core business is newsprint and magazine paper for some of the world's major publishing houses.