Euroseas (ESEA) commences 13.9M rights offering

May 25, 2012 7:52 AM EDT
Euroseas Ltd. (Nasdaq: ESEA), has commenced its previously announced rights offering to shareholders of the Company.

Pursuant to the rights offering, the Company will offer approximately 13,852,094 shares of common stock (the "Offered Shares") only to holders of record of its common stock (the "Record Date Holders") as of the close of business on May 14, 2012 (the "Record Date"). As soon as practicable, the Company will commence the mailing of an offering subscription package to Record Date Holders.

The Company intends to raise gross proceeds of approximately $15.2 million through the rights offering and use the proceeds to renew and expand its fleet, to participate in joint ventures with the objective to acquire vessels and for general corporate purposes.

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