The net proceeds from the Private Placement will be used to, inter alia, partly fund the equity requirement for six additional VLCC newbuild orders as well as the existing eight (8) VLCC newbuilds already ordered by the Company at Hyundai Samho Heavy Industries in Korea and Shanghai Waigaoqiao Shipbuilding Co., Ltd. In China.
After completion of the Private Placement the Company is expected to have 34,891,346 shares in issue. The new shares are expected to be issued and delivered on or about 27 March 2014 (subject to fulfilment of closing conditions by that date).
Pareto Securities act as Sole Manager and Bookrunner for the Private Placement.
Navig8 Crude Tankers Inc is a Marshall Islands incorporated crude tanker company with a series of Very Large Crude Carrier tankers under construction currently at Hyundai Samho Heavy Industries in Korea and Shanghai Waigaoqiao Shipbuilding Co., Ltd. in China.