Greek owner Top Ships has announced that it has entered into a definitive securities purchase agreement with an institutional investor to raise approximately $3m in a private placement of 3,160 Series B Convertible Preferred Shares, which are convertible into common shares of the company.
The Company closed on the initial portion of 1,579 Series B Convertible Preferred Shares on November 22 for total gross proceeds of around $1.5m.
In August, Top Ships entered into a senior secured facility with a major northern European bank for the financing of the M/T Nord Valiant, a 50,000 dwt MR product tanker.
