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Castor Maritime eyes $18m from share sales

Nasdaq-listed Castor Maritime Inc. has announced the pricing of an upsized $18m underwritten public offering of 51.4m units at a price of $0.35 per unit.

The gross proceeds of the offering to Castor Maritime, before underwriting discounts and commissions and estimated offering expenses, are expected to be approximately $18m.

The dry bulk shipowner intends to use the net proceeds of the offering for capital expenditures, working capital, to make vessel or other asset acquisitions or for other general corporate purposes.

The offering is expected to close on or about 26 June 2020.

Maxim Group LLC is acting as sole book-running manager for the offering.

Castor Maritime’s fleet currently consists of three panamax dry bulk carriers.

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