C3is Inc (CISS)

[Smilin_B]

C3is needs a portion the $13 million in cash it has as we entered into an agreement to acquire the Bulk Carrier Eco Spitfire for $16.19 million from Brave Maritime, an affiliated company. Payment of 10% of the purchase price ($1.619 million dollars) will be effected within April 2024, with the remaining balance due by the 10th of April, 2025, at the latest.

Separate to that most recent purchase, the company performed its second offering on March 19th whereby it raised an additional $6 million in cash to bring its net cash balance to 13 million dollars. C3is intends to use the net proceeds from this offering for capital expenditures, including for payment towards the $38.7 million remaining purchase price for the Aframax tanker it acquired in July 2023.

So basically, and correct me if I'm wrong but we already know that $1.619 million is out the door but I'm unsure as to what the payment is towards the $38.7million for the 2023 Aframax tanker.