Size Makes No Difference

On Tuesday, FreeSeas Inc. announced that it had closed on its secondary offering of 10,041,151 shares, including the green shoe of 1,309,715 shares. Net proceeds to the company were approximately $16.7 million after deducting underwriting fees and estimated offering expenses.

The offering was priced last Wednesday at $1.80 per share or a 16.3% discount from the closing price, $2.15, the preceding day.

Proceeds from the offering are will be used to acquire an additional dry bulk vessel, as well as the repayment of debt and general working capital purposes.

Dahlman Rose was the sole book-running manager and

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