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TOPS - Top Ships Inc. Announces Closing of Its Public Offering

ATHENS, Greece, June 12, 2014 (GLOBE NEWSWIRE) -- Top Ships Inc. (TOPS) (the "Company" or "Top Ships") today closed its previously-announced underwritten public offering of 10,000,000 shares of its common stock, and warrants to purchase 5,000,000 common shares, at $2.00 per common share and $0.00001 per warrant. The warrants have an exercise price of $2.50 per share, are exercisable immediately, and will expire five years from the date of issuance. Top Ships has granted the underwriters a 45-day option to purchase up to an additional 1,500,000 common shares and/or up to 750,000 additional warrants to cover over-allotments, if any. The underwriters have partially exercised this option to purchase 330,000 additional warrants.

The gross proceeds from this offering before deducting the underwriting discount and other offering expenses payable by the Company were $20,000,050. The net proceeds of this offering are expected to be used to finance part of Top Ship's contractual commitments in relation to its fleet and for working capital and general corporate purposes.

Ref. http://finance.yahoo.com/news/top-ships-inc-announces-closing-123000535.html