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Pioneer Marine raises $25m from private placement

Pioneer Marine raises $25m from private placement
Handysize dry bulk player Pioneer Marine has raised $25m through a private placement.

The Oslo OTC-listed company said it had issued 7,142,857 new shares at $3.50 per share.

“The net proceeds from the private placement are expected to be used to fully fund the equity portion related to the 12 handysize dry bulk newbuildings currently under construction by the company and for general corporate purposes,” Pioneer Marine said.

The Singapore-headquartered company has a fleet of 12 handysize and one handymax on the water and 12 handysize newbuildings on order with deliveries in 2016.