DryShips (NASDAQ: DRYS) this morning said it has entered into an agreement with Kalani Investments Limited, an entity organized in the British Virgin Islands, allowing the company to sell up to $200 million of its common stock to Kalani over a 24-month period. DryShips has also agreed to issue up to $1.5 million of its common stock to Kalani as a commitment fee. “We are very excited to now have the ability to raise up to $200 million of equity having full control of the timing. Together with available liquidity in excess of $120 million we are now in a position to commence the process of re-building the Company’s fleet and earnings capacity and pursuing investments in various shipping segments as they arise. We are already evaluating a number of opportunities that we hope will materialize in the very near future,” DryShips chairman and CEO George Economou stated in the news release.
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About DryShips Inc.
The Company is an owner of drybulk carriers and offshore support vessels that operate worldwide. The Company owns a fleet of 13 Panamax drybulk carriers with a combined deadweight tonnage of approximately 1.0 million tons, and 6 offshore supply vessels, comprising 2 platform supply and 4 oil spill recovery vessels. To learn more visit www.dryships.com
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