COMPLETION OF THE CONTROLLED EQUITY OFFERING Posted on Wednesday, September 30 2009 ATHENS, Greece, September 30, 2009 - Paragon Shipping Inc. (Nasdaq: PRGN), a global shipping transportation company specializing in drybulk cargoes, announced today the completion of its Controlled Equity Offering made pursuant to an amended sales agreement with Cantor Fitzgerald & Co. dated June 4, 2009. As announced on June 5, 2009, the Company planned to sell 10 million of its common shares from time-to-time at market prices. Yesterday the sale of the 10 million shares was completed at an average net price of $4.11, raising a total of $41.1million in net cash proceeds. This amount, cou Paragon Shipping Press Release