Mermaid Maritime

Mermaid Maritime: will carry out a private placement of up to 58.1m placement shares, being the remaining unsubscribed excess rights (issue completed 19 Sep), to institutional and other investors, at $0.28 each. As previously highlighted, Mermaid intends to utilize 55%-100% of net proceeds from the rights issue and private placement to invest in drilling rigs and/or subsea vessels and the remainder in acquisitions of additional machinery, eqpt, and repayment of existing loans and for general working capital.