The Road to New York Is Not Paved Smoothly – Globus Concludes Follow-on Equity Offering

After what must have been a very challenging effort, Globus Maritime Limited announced yesterday that it had priced its follow-on offering of 2.75 million common shares at $8.00/share, a discount of 2.8% to the prior day’s close. Gross proceeds of the offering were $22 million of which $10.6 million will be used to partially finance the acquisition of the M/V Sun Globe, a 2007-built 58,790 DWT Supramax bulk carrier that the company has agreed to purchase for $30.3 million. Should the charter-free fair market value be less, the company will have to use additional proceeds to bridge the gap between 65% of FMV and the agreed purchase price. The balance of the net proceeds will be utilized for general and working capital purposes.

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