Eagle Bulk raises $3m in another private placement
NASDAQ-listed Eagle Bulk has signed a stock purchase agreement with unnamed investors to raise another $3m in gross proceeds through a private placement of its common stock.
The shares have an initial purchase price of $0.15 per share, which is equivalent to 20m shares earmarked for sale, each of which have par value of $0.01.
The proceeds will be used to acquire dry bulk vessels and general corporate purposes, Eagle Bulk said.
Last week, the US-based company entered into a definitive agreement to raise $85m in gross proceeds through a sale of its common stock for vessel acquisitions. The shares were also priced at $0.15 each.
Eagle Bulk is selling 60.9% of its outstanding common stock through the sale of the combined $88m worth of equity, which it said “will have the effect of diluting the company’s existing shareholders that are not investors in the private placement”.
In March, Eagle Bulk agreed to issue a private placement of its securities to raise around $6.3m, which it said will be used in part to charter in additional vessels.