Eagle Bulk Shipping Raises $88mln in Private Placement

 

After giving effect to the Company's previously announced reverse stock split of its issued and outstanding shares of common stock, including the rounding down of fractional shares pursuant to such split, the private placement included the issuance of 29,333,318 shares of the Company's common stock at $3.00 per share. 

 

The Company intends to use the proceeds of the private placement for the acquisition of dry bulk vessels and general corporate purposes.

 

The securities offered and sold in the private placement have not been registered under the Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state laws.

 

Eagle owns one of the largest fleets of Supramax dry bulk vessels in the world.

 

Supramax dry bulk are vessels which are constructed with on-board cranes, ranging in size from approximately 50,000 to 65,000 dwt and are considered a sub-category of the Handymax segment, typically defined as 40,000-65,000 dwt.