Eitzen Maritime to sell $50 million of shares in private placement

By Devika Patel

Knoxville, Tenn., June 12 - Eitzen Maritime Services ASA said that it plans a $50 million private placement of shares.

The price range is set to NOK 3.00 to NOK 3.40 per share.

The private placement is fully underwritten by Camillo Eitzen & Co. ASA.

Proceeds will be used for the company's planned acquisition of Seven Seas Shipchandlers LLC.

Oslo-based Eitzen Maritime provides ship supply, ship logistics, crew management and ship brokerage services.

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