Share Sale Completed

On Tuesday, Paragon Shipping Inc. announced that it had completed its second Controlled Equity Offering of 10 million shares achieving an average sale price of $4.11 per share. Together with the first offering completed on June 2nd, the company raised total net proceeds of $83.75 million. Proceeds will be used for future vessel acquisitions. After the completion of this offering the company has 48.2 million shares outstanding.

The company was pleased with the arrangement with Cantor Fitzgerald, which enabled it to raise equity in a very effective manner while expanding their shareholder base and liquidity.

Shopping is anticipated

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