Company sells 11.2 million common shares at $1.3435 apiece in offering
By Devika Patel
Knoxville, Tenn., March 11 - Euroseas Ltd. said it will raise about $15.05 million in a private placement of stock.
The company will sell about 11.2 million common shares at $1.3435 per share, a 2.65% discount to the March 10 closing share price of $1.38. Net proceeds will be about $14.4 million, according to a press release.
Settlement is expected March 14.
Proceeds will be used to acquire vessels and for general corporate purposes.
Euroseas is a Maroussi, Greece-based owner and operator of drybulk and container vessels.
| Issuer: | Euroseas Ltd.
|
| Issue: | Common stock
|
| Amount: | $15,047,200 (approximate)
|
| Shares: | 11.2 million (approximate)
|
| Price: | $1.3435
|
| Warrants: | No
|
| Pricing date: | March 11
|
| Settlement date: | March 14
|
| Stock symbol: | Nasdaq: ESEA
|
| Stock price: | $1.38 at close March 10
|
| Market capitalization: | $62.64 million
|
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