By Devika Patel
Knoxville, Tenn., May 26 - OceanFreight Inc. said it has agreed to a $20 million equity infusion by its founding shareholder.
Basset Holdings Inc., a company controlled by OceanFreight's founder and chief executive officer, Anthony Kandylidis, has agreed to provide $20 million to the company in exchange for 50 million common shares.
OceanFreight is an Athens, Greece-based development-stage company. Its fleet consists of nine secondhand drybulk carriers that mainly transport iron ore, coal, grains, minerals and fertilizers and two secondhand tanker vessels that transport crude oil.
| Issuer: | OceanFreight Inc.
|
| Issue: | Common stock
|
| Amount: | $20 million
|
| Shares: | 50 million
|
| Warrants: | No
|
| Investor: | Basset Holdings Inc.
|
| Pricing date: | May 26
|
| Stock symbol: | Nasdaq: OCNF
|
| Stock price: | $0.52 at close May 25
|
| Market capitalization: | $86 million
|
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