TOP Ships Inc. , an international maritime shipping company that provides transportation services for crude oil, petroleum products, and dry bulk commodities, announced today that it has entered into an equity line financing agreement in the amount of $10 million with Sovereign Holdings Inc., a company that is wholly owned by its President, Chief Executive Officer and Director, Evangelos J. Pistiolis.
The terms of the agreement enable TOP Ships, at its discretion, to sell to Sovereign up to $10 million of TOP Ships common stock in tranches, at a discount to the prevailing market price at each drawdown, for up to one year from the signing of the agreement. The agreement also gives Sovereign registration rights, subject, however, to a lock-up agreement covering shares drawn down pursuant to the agreement for a period of one year from each drawdown date.
The relevant agreements were approved by a special committee of the independent directors of TOP Ships.
About TOP Ships Inc.
TOP Ships Inc. is an international maritime shipping company that provides transportation services for crude oil, petroleum products, and dry bulk commodities.
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Source: TOP Ships, August 25, 2011.