Dry CargoEurope

Investor comes to Globus Maritime’s rescue

The Greek dry bulk firm Globus Maritime will issue for gross proceeds of $5m, an aggregate of 5m shares of common stock, par value $0.004 per share and a warrant to purchase 25m shares of common stock at a price of $1.60 per share, in a private placement to an unspecified private investor. The company intends to use the proceeds from the sale of common shares and warrant for general corporate purposes and working capital including repayment of debt.

Globus Maritime must also terminate an aggregate of $20m of the outstanding principal and interest of two loans with the relevant lenders in consideration of issuing 20m shares and warrants exercisable for 7,380,017 common shares at a price of $1.60 per share. The company expects approximately $1,212,835 – plus accrued interest through closing – to remain outstanding in the aggregate on both loans. In each instance, the outstanding amounts will continue to accrue under the respective loan agreements. Both lenders are related to the company through common control.

Georgios Feidakis, Globus’s chairman, stated: “We are very pleased with our new investor, this is a strategic initiative on our part to solidify the company and look for new opportunities for growth which will enhance shareholder value.”

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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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