Oceanaut secures $11 million from private placement

By Sheri Kasprzak

New York, Feb. 14 - Oceanaut, Inc. received an agreement from Excel Maritime Carriers Ltd. for an $11 million private placement of stock.

The terms of the placement were unavailable at press time Wednesday.

The deal will close just before the company's proposed $150 million initial public offering. The IPO includes up to 18.75 million units of one share and one warrant at $8.00.

Each warrant is exercisable at $6.00 each.

Citigroup Global Markets Inc. is the bookrunner with Maxim Group LLC as co-manager.

Based in Athens, Greece, Oceanaut is a newly formed blank check company focused on acquiring, through merger, capital stock exchange, asset acquisition, stock purchase or other business combinations, vessels or one or more operating businesses in the shipping industry.

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