Nordic American Tankers announces ATM agreement
Nordic American Tankers Limited (NYSE: NAT) says it has entered into an At-The-Market Issuance Agreement (“ATM”) dated March 29, 2019, with the investment banking firm, B. Riley FBR, Inc., as the sales agent.
Under the ATM and over a period of about 3 years, NAT may, at its discretion during the term of the ATM, sell up to a maximum of $40 million of common shares of NAT.
The ATM sales, if any, will be made at market prices. It is not an obligation for NAT to sell any shares under the ATM. The establishment of the ATM is in harmony with the conservative financial policy of NAT and provide a tool for NAT to ensure that we have the financial flexibility at all times.
The shares issued under the ATM, if any, will be pursuant to a prospectus supplement and an accompanying prospectus filed as part of an effective shelf registration statement filed with the Securities and Exchange Commission on Form F-3. Copies of the prospectus supplement and the accompanying base prospectus may be obtained when available without charge from the offices of B. Riley FBR, Inc., at 1300 North 17th Street, Suite 1400, Arlington, VA 22209 or by calling (703) 312-9580 or by emailing prospectuses@brileyfbr.com.
We wish to make it clear that this press release does not constitute an offer to sell or the solicitation of an offer to buy securities and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale is unlawful.
Nordic American Tankers Limited ("NAT") was incorporated in Bermuda in 1995. NAT today has an active trading fleet of 20 vessels, all employed in the spot market. Following the delivery on July 11 of four vessels, the Company's fleet comprises 30 Suezmax vessels, including two newbuildings from Korea, scheduled for delivery in August 2016 and January 2017.
