Greece-based product tanker company Pyxis Tankers has announced a private placement of common stock as it entered into a definitive securities purchase agreement with a group of investors.
The gross proceeds resulting from the transaction will be USD 4.8 million, before deducting placement offering expenses.
The company will issue 2.400,000 shares of common stock at a price of USD 2 per share. This private placement is expected to close on or before December 8, 2017, according to Pyxis Tankers.
As explained, the net proceeds from the transaction will be used for general corporate purposes, which may include the repayment of outstanding indebtedness.
Last month, Pyxis Tankers released its financial results for the third quarter of 2017 which show the company suffered a net loss of USD 1.3 million, compared to a net loss of USD 1.5 million seen in the same period a year earlier. For the nine months ended September 30, 2017, the company reported a net loss of USD 3.8 million, against a net income of USD 19,000 posted in the corresponding period of 2016.
Currently, Pyxis Tankers’ fleet is comprised of six tankers with an average age of around 6.7 years and an agreggate tonnage of 216,695 dwt.