Euroseas Ltd (ESEA)

[Enterprising Investor]

Euroseas Announces Results of Its Rights Offering (9/21/15)

MAROUSSI, ATHENS, GREECE, Sep 21, 2015 (Marketwired via COMTEX) -- Euroseas Ltd. an owner and operator of drybulk and container carrier vessels and provider of seaborne transportation for drybulk and containerized cargoes, announced today the results of its previously announced rights offering to shareholders of the Company.

The rights offering expired on September 17, 2015, and shareholders subscribed for 2,343,335 shares of common stock at a price of $4.50 per share, for gross proceeds of $10.55 million. The Company intends to use the proceeds of the rights offering to renew and expand its fleet by taking delivery of its drybulk vessels currently under construction, and for general corporate purposes.

Aristides Pittas, Chairman and CEO of Euroseas, commented: "We are very pleased to have completed our shareholders' rights offering covering 54% of the maximum offering amount in a very challenging capital markets and shipping markets environment where during the last few days our share price traded even below the offering price. We would like to thank our shareholders, including the Pittas family, who participated in this offering for their trust and support to the Company's strategy. We look forward to using the proceeds of this offering along with other means and funds at our disposal to complete our newbuilding program. We believe that the renewal of our fleet at this low point in the drybulk market will be beneficial for the Company and all its shareholders."

About Euroseas Ltd.

Euroseas Ltd. was formed on May 5, 2005 under the laws of the Republic of the Marshall Islands to consolidate the ship owning interests of the Pittas family of Athens, Greece, which has been in the shipping business over the past 136 years. Euroseas trades on the Nasdaq Capital Market under the ticker symbol ESEA.

Euroseas operates in the dry cargo, drybulk and container shipping markets. Euroseas' operations are managed by Eurobulk Ltd., an ISO 9001:2008 certified affiliated ship management company, which is responsible for the day-to-day commercial and technical management and operations of the vessels. Euroseas employs its vessels on spot and period charters and through pool arrangements.

The Company has a fleet of 15 vessels, including 4 Panamax drybulk carriers and 1 Handymax drybulk carrier, 3 Intermediate containerships, 5 Handysize containerships, and 2 Feeder containerships. Euroseas' 5 drybulk carriers have a total cargo capacity of 338,540 dwt, and its 10 containerships have a cargo capacity of 17,587 teu. The Company has also signed contracts for the construction of two Ultramax (63,500 dwt) fuel efficient drybulk carriers, and two Kamsarmax (82,000 dwt) fuel efficient drybulk carriers. Including the four new-buildings, the total cargo capacity of the Company's drybulk vessels will be 629,540 dwt.

http://www.marketwatch.com/story/euroseas-announces-results-of-its-rights-offering-2015-09-21