Sorry Gary, but you´re wrong.
Read carefuly
First:
PIRAEUS, Greece, Feb. 13, 2014 /PRNewswire/ -- NewLead Holdings Ltd. (NASDAQ: NEWL) ("NewLead" or the "Company") announced today that it has signed a term sheet with a leading financial institution to provide 75% debt financing for two eco-type 31,800 dwt, 2012-built Handysize vessels for a total of $37.0 million. The two vessels are expected to be delivered to NewLead's fleet within the next three months.
Second:
PIRAEUS, Greece, March 10, 2014 /PRNewswire/ -- NewLead Holdings Ltd. (NASDAQ: NEWL) ("NewLead" or the "Company") announced today that on March 4, 2014, it completed the issuance of $25.0 million in Perpetual Series A Preferred Shares ("Preferred Shares") to an institutional investor under a share subscription agreement ("Agreement"). The preferred shares can be redeemed by the Company or converted by the purchaser in common shares.
The Company received partial consideration of $2.5 million in cash at the closing of the transaction. The $22.5 million balance is expected to be received, subject to certain conditions per the Agreement, in nine consecutive equal monthly installments commencing approximately ninety days after the closing date.
The Company intends to use this $25.0 million to grow its fleet. Partial proceeds from the preferred shares issuance, along with the 75% debt financing recently received, will be deployed towards the acquisition of two eco-type 31,800 dwt, Handysize bulk carriers built in 2012. The vessels have a total acquisition price of $37.0 million, as previously announced on February 13, 2014. Of the acquisition price, the $9.25 million not subject to the debt financing is expected to be paid in installments, $1.85 million to be paid this week and the balance upon delivery of the vessels in June and July this year
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