Singapore: Epic Gas has completed a $50m private placement directed towards existing shareholders.
After close of the subscription period on July 10, Epic has issues 22,222,222 shares of common stock at an offering price of $2.25 per share, generating gross proceeds of approximately $50m.
The company’s outstanding shares will increase to 51,948,022, each with a nominal value of $0.01. Upon completion, 31,597,222 common shares will be registered in the Norwegian Securities Depository.
The manager for the private Placement was Clarksons Platou Securities.
Epic Gas has been one of the fastest growers in the LPG segment, its fleet now numbering 45 vessels.