Eagle Bulk Shipping has announced that it has closed the private placement of its common stock with an aggregate gross proceeds of $88m.
The company inked two fund raising deals to raise $85m and $3m respectively in July.
Eagle Bulk has sold 60.9% of its outstanding common stock through the sale of the combined $88m worth of equity, which it said “will have the effect of diluting the company’s existing shareholders that are not investors in the private placement”.
Eagle Bulk intends to use the proceeds of the private placement for the acquisition of dry bulk vessels and general corporate purposes.
