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The Company intends to raise gross proceeds of approximately $15.2 million through the rights offering and use the proceeds to renew and expand its fleet, to participate in joint ventures with the objective to acquire vessels and for general corporate purposes. The Offered Shares will be sold to Record Date Holders pursuant to non-transferable subscription rights. Basic subscription rights will be allocated in one non-transferable subscription right for each 2.25 shares of common stock owned by Record Date Holders on the Record Date. Each subscription right represents the right to purchase one share of common stock of the Company at a subscription price of $1.10 per share and consists of a basic subscription privilege and an oversubscription privilege, which will be available if the rights offering is not fully subscribed under the basic subscription privilege. Offered Shares not purchased under the basic subscription privilege can be purchased pursuant to the oversubscription privilege and will be allocated to Record Date Holders choosing to exercise their oversubscription privilege. If there more requests for oversubscription shares are received than shares are available, shares not purchased under the basic subscription privilege will be allocated to Record Date Holders exercising their oversubscription pro rata to each oversubscribing holder based on the number of shares such holder purchased pursuant to the exercise of its basic subscription privilege in proportion to the total number of shares purchased by all oversubscribing holders pursuant to the exercise of their basic subscription privileges. The offering will expire on June 15, 2012, unless extended by the Company. Should the rights offering be extended, the Company will announce the extension as soon as practicable by issuing a press release. Important Dates: Record Date May 14, 2012 Subscription period May 25 - June 15, 2012 Expiration date June 15, 2012(1) _______ (1) Shares will be issued as soon as practicable following the expiration date. About Euroseas Ltd. Euroseas Ltd. was formed on May 5, 2005 under the laws of the Republic of the Marshall Islands to consolidate the ship owning interests of the Pittas family of Athens, Greece, which has been in the shipping business over the past 140 years. Euroseas trades on the NASDAQ Global Select Market under the ticker "ESEA". Euroseas operates in the dry cargo, drybulk and container shipping markets. Euroseas' operations are managed by Eurobulk Ltd., an ISO 9001:2008 certified affiliated ship management company, which is responsible for the day-to-day commercial and technical management and operations of the vessels. Euroseas employs its vessels on spot and period charters and through pool arrangements. The Company has a fleet of 15 vessels, including 4 Panamax drybulk carriers and 1 Handymax drybulk carrier, 3 Intermediate containership, 4 Handysize containerships, 2 Feeder containerships and a multipurpose dry cargo vessel. Euroseas` 5 drybulk carriers have a total cargo capacity of 331,808 dwt, its 9 containerships have a cargo capacity of 15,855 teu and its multipurpose vessel has a cargo capacity of 22,568 dwt or 950 teu. Euroseas Ltd. Press Release |
Euroseas Ltd. Announces Commencement of Rights Offering