Eagle Bulk has signed a stock purchase agreement with unnamed investors to raise another $3m in gross proceeds through a private placement of its common stock.
The shares have an initial purchase price of $0.15 per share, which is equivalent to 20m shares earmarked for sale, each of which have par value of $0.01.
The proceeds will be used to acquire dry bulk vessels and general corporate purposes, Eagle Bulk said.
Last week, the US-based company entered into a definitive agreement to raise $85m in gross proceeds through a sale of its common stock for vessel acquisitions. The shares were also priced at $0.15 each.
Eagle Bulk is selling 60.9% of its outstanding common stock through the sale of the combined $88m worth of equity, which it said “will have the effect of diluting the company’s existing shareholders that are not investors in the private placement”.