Seanergy Maritime Collects USD 2.9 Mn from Latest Offering

Nasdaq-listed bulker owner Seanergy Maritime Holdings has raised approximately USD 2.9 million in gross proceeds from an equity offering program.

Under the ATM offering, which has now been terminated, the company said that it had sold 2,782,136 common shares.

“Since August 2016, we have raised approximately USD 28.3 million of gross proceeds from public equity offerings, including the ATM Offering. We have utilized these funds in the most constructive way as they enabled the company to pursue highly accretive transactions,” Stamatis Tsantanis, the company’s Chairman & Chief Executive Officer, said.

In particular, Seanergy Maritime used the proceeds to partly fund the acquisitions of the M/V Lordship, the M/V Knightship and the M/V Partnership, as well as to finance the prepayments under the early termination of a credit facility.

“The combined accretion in value we have created for our shareholders from these transactions is more than USD 27.9 million, which is derived from the market value appreciation of the acquisitions and the expected gain due to the early termination and refinancing of one of our facilities,” Tsantanis added.

Furthermore, the company is keen on continuing to pursue accretive transactions.

The Athens-based shipping company currently owns a fleet of eleven dry bulk carriers, consisting of nine Capesizes and two Supramaxes, with a combined cargo-carrying capacity of approximately 1.68 million dwt.