By Laura Lutz
Des Moines, Dec. 6 - Energy Infrastructure Acquisition Corp.'s newly formed subsidiary, Energy Infrastructure Merger Corp., arranged a $50 million private placement of units, according to a news release.
Vanship Holdings Ltd. has agreed to buy up to 5 million units of Energy Infrastructure Merger at $10 per unit. Each unit consists of one share and one warrant of Energy Infrastructure Acquisition.
Energy Infrastructure plans to use the proceeds to buy nine very large crude carriers from Vanship.
Vanship has agreed to invest the amount necessary for Energy Infrastructure to secured financing for the acquisition, up to $50 million.
If Vanship invests the entire $50 million, it is expected to own about 30.4% of Energy Infrastructure's outstanding stock.
Following completion of the acquisition, Energy Infrastructure will be a shipping company based in the Marshall Islands.
| Issuer: | Energy Infrastructure Merger Corp.
|
| Issue: | Units of one share and one warrant of Energy Infrastructure Acquisition Corp.
|
| Amount: | $50 million
|
| Units: | 5 million
|
| Price: | $10.00
|
| Warrants: | One per unit
|
| Investor: | Vanship Holdings Ltd.
|
| Announcement date: | Dec. 6
|
| Stock symbol: | Amex: EII
|
| Stock price: | $9.94 at close Dec. 6
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
