Epic Gas completes private placement

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.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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