Excel Maritime Carriers Announces the Initial Public Offering of Oceanaut, Inc.
3/6/2007
Our client Excel Maritime Carriers Ltd recently completed the following transaction:
Athens, Greece,- March 6, 2007--Excel Maritime Carriers Ltd (NYSE: EXM; the "Company"), an owner and operator of dry bulk carriers and a provider of worldwide seaborne transportation services for dry bulk cargoes, announced today that Oceanaut, Inc. (AMEX: OKN.U; "Oceanaut") has completed its initial public offering of 18,750,000 units at an offering price of $8.00 per unit. Prior to the closing of the public offering, Oceanaut consummated a private placement of 1,125,000 units at $8.00 per unit price and 2,000,000 warrants at $1.00 per warrant to the Company. Each unit issued in the initial public offering and the private placement consists of one share of Oceanaut's common stock and one warrant to purchase one share of common stock. The initial public offering and the private placement generated gross proceeds in an aggregate of $161,000,000 to Oceanaut. Following the initial public offering and the private placement, the Company will own approximately 18.9% of the issued and outstanding shares of Oceanaut.
