Earnings are out, small loss, company looks clean and positive.
raising capital clean to expand.
Stamatis Tsantanis, the Company's Chairman & Chief Executive Officer, stated:
"During the third quarter of 2016, our efforts were focused on strengthening our financial position in order to expand our fleet through vessel acquisitions. The first half of 2016 was the weakest on record for dry bulk daily rates but we have started to see steady gains in rates since the first half of this year. For instance, Capesize rates for the first half of 2016 averaged approximately $3,500 per day vs. current Capesize daily rates of approximately $14,500. We expect volatility in the current rate environment to continue but believe the worst is behind us. As such, we view this year's weakness in the dry bulk market as an opportunity to acquire quality vessels at favorable prices.
"With this aim in sight, we completed two registered direct offerings of common shares to unaffiliated institutional investors in August 2016 and November 2016.
In an offering that was completed on August 10, 2016, the Company sold 1,180,000 shares of common stock to an unaffiliated institutional investor at a purchase price of $4.15 per share, for aggregate gross proceeds of $4.9 million. The net proceeds from the sale of the securities, after deducting placement agent fees and related offering expenses, were approximately $4.1 million.
In an offering that was completed on November 23, 2016, the Company sold 1,305,000 shares of common stock to three unaffiliated institutional investors at a purchase price of $2.75 per share, for aggregate gross proceeds of $3.6 million. The net proceeds from the sale of the securities, after deducting placement agent fees and related offering expenses, are approximately $3.2 million.
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