Mermaid Maritime

Mermaid Maritime: proposes to undertake a non-renounceable non-underwritten rights issue of new shares and a private placement of such no. of new shares, which would be equivalent to the remaining unsubscribed excess Rights Shares, to raise gross proceeds of approx $176.1m. Up to 628.8m Rights Shares will be offered at an issue price of $0.280 for each Rights Share on the basis of 4 Rights Shares for every 5 existing shares held. The proceeds will be used for repayment of existing loan facilities, initial payment and other related expenses for construction of two new rigs and general working capital. The counter is down 5.3% at $0.355.