ATHENS, Greece, Sept. 4, 2015 /PRNewswire/ -- Paragon
Shipping Inc. (NASDAQ: PRGN) (the "Company" or "Paragon
Shipping") announced today that it has entered into an Equity
Distribution Agreement, dated September 4,
2015, with Maxim Group LLC, or Maxim, for the offer and sale
of up to $4.0 million of common
shares of the Company. The Company may offer and sell the shares
from time to time and at its discretion during the next twelve
months. The net proceeds of this offering are expected to be used
for general corporate purposes, which may include the payment of a
portion of the outstanding contractual cost of the Company's
existing newbuilding vessels, and/or the repayment of debt.
The offering is being made pursuant to the Company's existing
shelf registration statement previously filed with the Securities
and Exchange Commission ("SEC") and declared effective. This
offering is being made only by means of a prospectus supplement and
accompanying base prospectus. A prospectus supplement relating to
the offering was filed with the SEC on September 4, 2015, and is available on the SEC's
website located at www.sec.gov. Alternatively, copies of the
prospectus supplement and the accompanying base prospectus relating
to this offering may be obtained from Maxim Group LLC, 405
Lexington Avenue, New York, NY
10174 (or by telephone at 212-895-3685 or by email to
syndicate@maximgrp.com).
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy these securities, nor shall there
be any sale of these securities, in any state or other jurisdiction
in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of any
such state or other jurisdiction.
About Paragon Shipping Inc.
Paragon Shipping is an
international shipping company incorporated under the laws of the
Republic of the Marshall Islands
with executive offices in Athens,
Greece, specializing in the transportation of drybulk
cargoes. Paragon Shipping's current fleet consists of twelve
drybulk vessels with a total carrying capacity of 719,769 dwt. In
addition, Paragon Shipping's current newbuilding contracts consist
of two Ultramax and three Kamsarmax drybulk carriers that are
scheduled to be delivered between the third quarter of 2015 through
the first quarter of 2016. The Company's common shares and senior
notes trade on the NASDAQ Global Market under the symbols "PRGN"
and "PRGNL," respectively. For more information, visit:
www.paragonship.com. The information contained on Paragon
Shipping's website does not constitute part of this press
release.
Cautionary Note Regarding Forward Looking
Statements
Certain of the statements made in this press
release are "forward-looking statements" as defined by U.S.
federal securities laws, such as those, among others, relating to
the Paragon Shipping's expectations regarding the completion and
use of proceeds of the proposed public offering. Words
such as, but not limited to, "believe," "expect," "anticipate,"
"estimate," "intend," "plan," "targets," "projects," "likely,"
"will," "would," "could" and similar expressions or phrases may
identify forward-looking statements. All forward-looking
statements involve risks and uncertainties. Actual
results or developments may differ materially from those projected
or implied in these forward-looking statements. Factors
that may cause such a difference include, without limitation, risks
and uncertainties related to market conditions, the satisfaction of
customary closing conditions related to the public offering
described herein and other risks set forth in the prospectus for
the offering described herein. There can be no assurance
that Paragon Shipping will be able to complete the proposed public
offering on terms satisfactory to it, or at all.
Contacts
Paragon Shipping
Inc.
ir@paragonshipping.gr
DresnerAllenCaron
Rudy
Barrio (Investors)
r.barrio@allencaron.com
(212) 691-8087
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SOURCE Paragon Shipping Inc.