BVI company acquires securities of Diana Containerships Inc.

Global shipping company Diana Containerships Inc. announced that it has entered into a Securities Purchase Agreement with British Virgin Islands-registered Kalani Invesments Limited, which is not affiliated with the company. The agreement is for the sale of 3,000 newly designated Series B-1 Convertible Preferred Shares, preferred warrants to purchase 6,500 Series B-1 Convertible Preferred Shares and preferred warrants to purchase 140,500 newly-designated Series B-2 Convertible Preferred Shares.

The gross proceeds from the sale of 3,000 Preferred shares will be approximately US$3.0 million. Further on, the shipping company will be paid US$6.5 million upon exercise of all of the Series B-1 Preferred Warrants, and US$140.5 million if Series B-2 Preferred Warrants are exercised. The company intends to use net proceeds from the sales for general corporate purposes and/or to repay indebtedness under one or more of existing credit facilities.

NetDragon Websoft through its BVI subsidiary acquired shares in ARHT Media Inc.

NetDragon Websoft Holdings Limited announced in the press release the indirect acquisition, through its wholly owned BVI subsidiary NetDragon Websoft Inc., of beneficial ownerhsip of 13,333,333 common shares in the capital of ARHT Media Inc. Pursuant to the subscription agreement between the BVI company and the issuer, the price was CDN$0.15 per common share.

Upon closing of the Private Placement, NetDragon, through NetDragon BVI, has purchased direction and control over 13,333,333 common shares for aggregate holdings of 32,611,437 common shares, representing approximately 29.72 per cent of the issued and outstanding common shares.

Before the closing of the Private Placement the NetDragon controlled 19,278,104 common shares through NetDragon (BVI), representing approximately 19.99 per cent of the issued and outstanding common shares.