Navig8 Product Tankers to Raise USD 30 Mn

Navig8 product Tankers Petroleum products shipping company Navig8 Product Tankers Inc. is looking to raise up to USD 30 million as it launched an offer of 3 million units each consisting of one Series A preference share and 2.344 common shares. The net proceeds from the offering would be used for general corporate purposes, including working capital and transaction costs. Navig8 Product Tankers said that the subscription price per unit in the offering is USD 10. The rights offering is being undertaken in two tranches, and a shareholder may, in its sole discretion, elect to participate in Tranche 1 and/or Tranche 2. Both Tranches are on identical terms save for the Subscription Right and the timeline in terms of duration of the application period and time for allocation, payment for and issuance of shares, the company added. Upon completion of the offering, Navig8 Product Tankers will have over 46,8 million common shares in issue and 3 million Series A Preference Shares in issue.