Sungdong Secures Two More Contracts from Navig8 Product Tankers

Navig8 Product Tankers Inc executed two further shipbuilding contracts with Sungdong Shipbuilding & Marine Engineering Co for two additional LR2 newbuild vessels for 2015 delivery, and completion of the USD 30 million additional tranche of its August 2013 private placement to (part) finance these two newbuildings.

In accordance with the terms and conditions of the private placement, the Company has through the Additional Tranche issued 3,000,000 new common shares to investors that were allocated shares in the Private Placement, as well as 50,000 new common shares to Navig8 Limited.

After completion of this Additional Tranche, the Company has 17,200,000 common shares in issue. The number of warrants to common shares in issue amounts to 1,700,000.

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Navig8 Product Tankers, October 1, 2013