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Stock Market & Financial Investment News

News Breaks
December 24, 2012
13:34 EDTPRGNParagon Shipping raises $10M through private placement
Paragon Shipping announced that on December 24, 2012 it entered into an agreement to sell 4,901,961 newly-issued shares of the company's common stock to an entity affiliated with Mr. Michael Bodouroglou, the company's Chairman and Chief Executive Officer, for total consideration of $10M. The transaction closed on December 24, 2012, and the proceeds will be used by the company for working capital purposes. In addition, the company will have the right, but not the obligation, to repurchase these newly-issued shares, at the same price per share at which they were sold in this private placement, at any time prior to the earlier of (i) the execution by the Company of definitive documentation relating to the satisfactory amendments of the Company's outstanding loan agreements and (ii) March 29, 2013.
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