Oceanaut (OKN) Buys Nine Vessels, Announces $82.5M Investment

October 16, 2007 8:30 AM EDT

Oceanaut, Inc. (AMEX: OKN) entered into definitive agreements pursuant to which it has agreed to purchase, for an aggregate purchase price of $700 million in cash, nine dry bulk carriers including five newbuildings, from companies associated with members of the Restis family.

The Company also announced that it has entered into definitive agreements pursuant to which it has agreed to issue 10,312,500 shares of its common stock, at a purchase price of $8.00 per share, in exchange for an aggregate investment by separate companies associated with members of the Restis family of $82,500,000.

Following the completion of the fleet acquisition and investment, companies associated with members of the Restis family are expected to own approximately 30% of the Company's outstanding shares of common stock. Excel Maritime Carriers Ltd. and its affiliates currently own approximately 24% of the Company's outstanding shares of common stock.

The news, which was released after the close yesterday, is pushing the stock up 30% in pre-open trading.

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