The company is to offer $87 million aggregate amount of common shares to the public to help fund its expansion programme.
The Company's Chairman and Chief Executive Officer, Mr. Herbjørn Hansson is expected to purchase about $1.5 million worth of common shares in the offering on the same terms as other investors.
The net proceeds of the offering are expected to be used to pay for acquisitions under our expansion program, including the tankship Nordic Future, and for general corporate purposes.
The company's current fleet consists of 20 double-hull Suezmax tankers. In addition it have entered into a preliminary agreement to acquire a modern double-hull Suezmax tanker, the Nordic Future, which is expected to be delivered no later than May 2013. Nordic American Tankers is reviewing other possible acquisitions of vessels which could take place in the near future