Epic Gas Raises Money for Further Expansion of Its LPG Fleet
- Business & Finance
Epic Gas Ltd. announced the private placement of 9,375,000 new shares at a subscription price of US$8.00 per share raising US$75.0 million. The shares to be issued will be registered on the Norwegian Over The Counter list in Oslo on or about February 6, 2014 under the ticker code “EPIC”. RS Platou Markets AS and DNB Markets acted as joint lead managers of the placement.
Lars Vang Christensen, CEO of Epic Gas, states: “We have had a strong response from the capital markets over the last two weeks. The targeted US$75 million that was raised reflects the positive market sentiment and Epic’s position as a top-class owner and operator of pressurised LPG carriers.”
The new shares were placed with a number of institutional investors in the United States and Europe. It is intended that the net proceeds from the private placement will be used to further grow the LPG carrier fleet owned and operated by Epic Gas.
Epic Gas, February 4, 2014