Globus Maritime Limited Announces Pricing of $15.0 Million Registered Direct Offering
Globus Maritime Limited (the “Company” or “Globus”) (NASDAQ: GLBS) announced today that it has entered into a securities purchase agreement with certain unaffiliated institutional investors to issue approximately $15.0 million of its common shares (the “Common Shares”) in a registered direct offering and warrants to purchase Common Shares in a concurrent private placement.
Under the terms of the securities purchase agreement, the Company has agreed to sell 83,333,333 Common Shares. In a concurrent private placement, the Company has agreed to issue warrants to purchase up to 83,333,333 Common Shares. The warrants will be exercisable upon issuance and have an exercise price of $0.18 per share. The warrants will expire 5.5 years from the issuance date. The purchase price for one Common Share and one warrant will be $0.18. The gross proceeds to the Company from the registered direct offering and concurrent private placement are estimated to be approximately $15.0 million before deducting the placement agent’s fees and other estimated offering expenses. The registered direct offering and concurrent private placement are expected to close on or about July 21, 2020, subject to the satisfaction of customary closing conditions.
In addition, effective on the closing of this offering, the Company’s Board of Directors has determined to reduce the exercise price of the warrants issued on June 30, 2020 in a private placement from $0.30 per share to $0.18 per share.
Maxim Group LLC is acting as sole placement agent for the offering.
The Common Shares being sold pursuant to the registered direct offering are being sold pursuant to a shelf registration statement on Form F-3 (File No. 333-222580), previously filed with the Securities and Exchange Commission (the “SEC”) on January 17, 2018 and declared effective on February 8, 2018. Such securities are being offered only by means of a prospectus. A prospectus supplement and the accompanying prospectus relating to and describing the terms of the registered direct offering will be filed with the SEC. The warrants sold in the concurrent private placement, along with the Common Shares underlying such warrants, have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), and are offered pursuant to an exemption from the registration requirements of Section 5 of the Securities Act contained in Section 4(a)(2) thereof and/or Regulation D promulgated thereunder. When available, copies of the prospectus supplement and the accompanying prospectus relating to the registered direct offering may be obtained at the SEC’s website at www.sec.gov or by contacting Maxim Group LLC, 405 Lexington Avenue, 2nd Floor, New York, NY 10174, at 212-895-3745.
Source: Globus Maritime Limited