#msg-29807687 June 5 /PRNewswire-FirstCall/ -- Deep Down, Inc. (OTC Bulletin Board: DPDW) announced today that it has closed a $40 million private placement of common stock to institutional and accredited investors. Deep Down sold 57,142,857 shares of its Common Stock at a price of $0.70 per share. As part of this transaction, Deep Down will file a registration statement covering the resale of the shares of Common Stock acquired in this offering. Dahlman Rose & Company, LLC acted as exclusive placement agent for the financing. "$22.0 million of the net proceeds to complete the previously announced acquisition of Flotation Technologies, which closed today" "$12.5 million of the net proceeds to repay a $12 million mezzanine facility that was provided by Prospect Capital Corporation."
#msg-29815138Deep Down Receives Second $9.0 Million Order for Buoyancy " HOUSTON, June 5 /PRNewswire-FirstCall/ -- Deep Down, Inc. (OTC Bulletin Board: DPDW) today announced that it has received a second letter of intent for approximately $9 million from Delba International to supply and install the deepwater marine drilling riser flotation system for the new-build Delba IV semisubmersible drilling rig. The letter of intent is subject to the negotiation of a final purchase order once engineering is completed. The Letters of Intent authorize expenditures for such engineering efforts. Together with the previously announced Letter of Intent for the Delba III, Deep Down now has orders for approximately $18 million of deepwater marine drilling riser flotation systems. Both the Delba III and the Delba IV are rated to drill in 2,400 meters of water but are readily upgradeable to 2,700 meters and have long term contracts to drill in Brazilian waters. "
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