13 July 2015
Epic Gas Ltd. – Completion Of Private Placement
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Epic Gas Ltd. (EPIC) announces completion of USD 50 million Private Placement directed towards existing shareholders
Reference is made to the press release dated 17 June 2015 and 1 July 2015 regarding the Private Placement of new shares to existing shareholders of Epic Gas Ltd. (the “Company”) (the “Private Placement”).
After close of the subscription period on 10 July 2015, the Company has resolved to issue a total of 22,222,222 shares of common stock at the offering price of USD 2.25 per share, generating gross proceeds of approximately USD 50 million.
Investors will receive their allocation and payment instructions by e-mail today. All payments are due on or before 16 July 2015. Shares will be delivered on or about 16 July 2015. Shares issued in the Private Placement are not tradable prior to issuance on or about 16 July 2015.
As a consequence of the Private Placement, the Company’s outstanding shares will increase to 51,948,022, each with a nominal value of USD 0.01. Upon completion, 31,597,222 common shares will be registered in the Norwegian Securities Depository with ISIN VGG3175Q1081.
The Manager for the Private Placement was Clarksons Platou Securities AS.
About Epic Gas
Epic Gas owns and operates a fleet of fully pressurised gas carriers providing seaborne services for the transportation of liquefied petroleum gas and petrochemicals. The company controls a fleet of 45 vessels which serve the international supply chains of leading oil majors and commodity trading houses throughout Asia, Europe, Africa and the Americas.
Epic Gas Ltd.
Cullen Schaar, +65 6230 7801
Interim Chief Financial Officer