Knightsbridge Tanker to Sell Shares

5 October 2010 (Last Updated October 5th, 2010 18:30)

Knightsbridge Tankers has announced plans to issue 4,250,000 common shares at $19 per share as part of its shelf registration statement. The company plans to use the proceeds to help repay debt and acquire the Golden Zhejiang, a Capesize drybulk carrier from Golden Ocean Group.

Knightsbridge Tankers has announced plans to issue 4,250,000 common shares at $19 per share as part of its shelf registration statement.

The company plans to use the proceeds to help repay debt and acquire the Golden Zhejiang, a Capesize drybulk carrier from Golden Ocean Group.

The remainder of the net proceeds will be used to fund future vessel acquisitions for working capital and general corporate purposes.

The company will also issue 973,684 restricted common shares worth $18.5m to Golden Ocean as part of its vessel acquisition programme.