Navig8 Raises Cash to Order Additional VLCCs

Navig8 Crude Tankers Inc has concluded secondary private placement and raisedUSD 245 million at a subscription price of USD 13.50 per share.

The Private Placement money will be used to boost VLCC orderbook with six (6) additional newbuild orders as well as the existing eight (8) VLCC newbuilds already ordered by the company at Hyundai Samho Heavy Industries in Korea and Shanghai Waigaoqiao Shipbuilding Co., Ltd. In China.

After completion of the private placement the company is expected to have 34,891,346 shares in issue. The new shares are expected to be issued and delivered on or about 27 March 2014 (subject to fulfilment of closing conditions by that date).

Navig8, March 21, 2014

 

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