Connecticut-headquartered operator of dry bulk ships Eagle Bulk Shipping has entered into a definitive agreement to raise USD 85 million through a sale of its common stock to finance the acquisition of vessels and general corporate purposes.
The private placement price of USD 0.15 per share assumes the inclusion of 337,796,550 proposed, but not yet formally issued shares that are part of the company’s loan agreement announced in March this year.
The company’s Board of Directors has called for a shareholders’ meeting to approve the proposed issuance and a possible reverse stock split.
In May, the company reported a net loss of USD 39.3 million for the first quarter of 2016, compared to a net loss of USD 20.7 million for the comparable quarter in 2015.
Eagle Bulk currently has 43 vessels in its fleet – 41 Supramaxes, 1 Handysize and 1 Handymax.