LIMASSOL, Cyprus, Jan. 08, 2021 (GLOBE NEWSWIRE) — Castor Maritime Inc. (the “Company”) (NASDAQ: CTRM) today announces that it has entered into a securities purchase agreement with certain non- affiliates to issue approximately 137.0 million of its common shares and warrants to purchase up to an aggregate of 137.0 million common shares at a purchase price of $0.19 per common share and warrant as part of a registered direct offer. The warrants will have an exercise price of $0.19 per share, are exercisable immediately and will expire five years from the date of issue.
Maxim Group LLC is acting as sole placement agent for the offering.
The gross proceeds to the Company from the offering are estimated to be approximately $26.0 million before deducting placement agent fees and other estimated offering costs. The offering is expected to close on or about January 12, 2021, subject to the satisfaction of customary closing conditions.
The securities described above are being sold pursuant to the effective shelf registration statements on Form F-3 and Form F-3MEF, previously filed with the Securities and Exchange Commission (the “SEC”) on June 10, 2019 and June 8, January 2021, respectively. . These securities are only offered by means of a prospectus. A prospectus supplement and accompanying prospectus relating to and describing the terms of the registered direct offering will be filed with the SEC. When available, copies of the Prospectus Supplement and the accompanying Registered Direct Offering Prospectus may be obtained on the SEC’s website at www.sec.gov or by contacting Maxim Group LLC , 405 Lexington Avenue, 2nd Floor, New York, NY 10174, at 212-895-3745.
This press release does not constitute an offer to sell or the solicitation of an offer to buy, and there will be no sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful before registration or qualification. of such securities under the securities laws of such state or territory.
About Castor Maritime Inc.
Castor Maritime Inc. is an international provider of maritime transport services thanks to its ownership of dry bulk carriers. The Company’s vessels are primarily employed for medium-term charters and transport a range of dry bulk cargoes, including commodities such as coal, grain and other materials along global shipping lanes.
The Company’s fleet currently consists of six Panamax dry bulk carriers.
For more information, visit the company’s website at www.castormaritime.com
Caution Regarding Forward-Looking Statements
Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements to encourage companies to provide forward-looking information about their businesses. Forward-looking statements include statements regarding future plans, objectives, goals, strategies, events or performance, as well as underlying assumptions and other statements, that are other than statements of historical fact. The Company wishes to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and includes this disclaimer as part of such safe harbor legislation. The words “believe”, “anticipate”, “intend”, “estimate”, “anticipate”, “project”, “plan”, “potential”, “will”, “may”, “should”, “expect”, “pending” and similar expressions identify forward-looking statements. The forward-looking statements contained in this press release are based on various assumptions, many of which are based, in turn, on other assumptions, including, without limitation, our management’s review of operating trends history, data in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because they are inherently subject to important uncertainties and contingencies which are difficult or impossible to predict and which are beyond our control, we cannot guarantee that we will meet or realize those expectations, beliefs or projections. We undertake no obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise. In addition to these important factors, other important factors that the Company believes could cause actual results to differ materially from those discussed in the forward-looking statements include general dry bulk transportation market conditions , including fluctuations in charter rates and vessel values, the strength of global economies the stability of Europe and the Euro, fluctuations in interest rates and currency exchange rates, changes in demand in the dry bulk shipping industry, including the market for our vessels, changes in our operating expenses, including bunker prices, berthing and insurance charges, rule changes and governmental regulations or actions taken by regulatory authorities, potential liability arising from pending or future litigation, general national and international political conditions, environmental disturbances, potential damage to shipping routes due to accidents or political events, the duration and severity of the COVID-19 outbreak, the impact of threats to public health and other highly communicable diseases, the impact the planned discontinuation of LIBOR after 2021 on the interest rates of our debt that reference LIBOR, the availability of financing and refinancing and the growth of our business, vessel breakdowns and non-letting events, potential exposure or loss resulting from investing in derivative instruments, potential conflicts of interest involving our CEO, his family and other members of our senior management, and our ability to complete transactions of acquisition as planned. Please see our filings with the Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties. The information contained herein speaks only as of the date hereof, and the Company disclaims any intention or obligation to update any forward-looking statements as a result of developments occurring after the date of this communication.
E-mail: [email protected]