Courage Marine eyes $12m from placement of new shares

Dry bulk shipowner Courage Marine has announced a plan to raise up to HKD97.03m ($12.51m) from the placing of 25.4m new shares.

The new shares will be priced at HKD3.82 apiece and the net proceeds are intended to be used as general working capital and funding of suitable business or investment opportunities.

Get Nice Securities Limited, the placing agent, will place the new shares to no less than six independent placees. The placing shares represent approximately 19.99% of Courage Marine’s existing issued share capital and approximately 16.66% of the company’s issued share capital as enlarged by the allotment and issue of the shares.

“The board is of the view that the placing will enlarge the shareholder base and the capital base of the company,” Hong Kong-listed Courage Marine stated.

“In addition, the net proceeds of the placing will strengthen the group’s financial position for future development of the group,” it said.

The shipowner added that it has not conducted any other equity fund raising exercises in the past 12 months immediately before the announcement of this exercise.

Posted 09 January 2017

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