Nasdaq-traded international company DryShips Inc. has entered into a Securities Purchase Agreement with Kalani Investments Limited, which is incorporated in the British Virgin Islands and not affiliated with the company. The agreement is for the sale of 20,000 newly designated
Series E-1 Convertible Preferred Shares, preferred warrants to purchase 30,000 Series E-1 Convertible Preferred Shares, preferred warrants to purchase 50,000 newly designated Series E-2 Convertible Preferred Shares, prepaid warrants to initially purchase an aggregate of 372,874 common shares, and 100 common shares.
The BVI company is entitled to receive 10,000 common shares but is electing to receive 100 common shares and the prepaid warrant will be immediately exercisable for 9,900 common shares. Gross proceeds from the sale will be approximately US$20 million, and DryShips may further receive up to an aggregate of US$80 million. The proceeds from the sale transaction will be used by the company for general corporate purposes and/or to repay indebtedness under its credit facilities.
