Western Bulk Chartering AS completed private placement

Western Bulk Chartering AS has successfully completed a private placement with NOK 154 million (approximately USD 18 million) in gross proceeds by issuing 4.6 million new shares with a subscription price of NOK 33.40 per share.

Commenting on the transaction, Jens Ismar, CEO of Western Bulk said, "We are very pleased with the continued strong support from our largest shareholders in this transaction. The capital increase ensures a solid cash position of the Group, and brings the total available cash up to almost USD 50 million currently, including the Group's undrawn bank credit line. With the improved operational performance seen in Q4-16 and into 2017, and with the new capital in place, the Group is well positioned for the future”.

The transaction was directed towards the largest shareholders as of 30 December 2016 as registered with the Norwegian Central Securities Depositary ("VPS") as of 3 January 2017, and was managed by Pareto Securities as sole bookrunner.

For more information, please contact:
Jens Ismar, Chief Executive Officer
Tel: +47 9009 0897
E-mail: jens.ismar@westernbulk.com