Mermaid Maritime Public Company has raised net proceeds of about $56.1 million from its non-renounceable non-underwritten rights issue of up to 807,616,489 new ordinary shares.
The company first announced that it would be conducting a rights issue on Feb 28, 2025, for 11.8 cents for each rights share on the basis of four rights shares for every seven ordinary shares in the capital of the company held by the shareholders.
At the close of the rights issue on June 30, Mermaid Maritime received valid acceptances and excess applications for 59.1% or 477,414,333 rights shares.
The balance of 330,804,591 rights shares which were not validly accepted will be allotted to satisfy applications for excess rights shares, in which preference will be given to the rounding of odd lots, and directors and substantial shareholders who have control or influence over the company in connection with the day-to-day affairs.
The group says that it will use the net proceeds for general corporate and working capital requirements of the group, including to reduce overdue trade payables and/or to repay interest bearing debt.
Shares in Mermaid Maritime closed flat at 11.3 cents on July 3.
