FreeSeas Announces $10 Mln Investment From Crede Capital - Quick Facts

(RTTNews) - FreeSeas Inc. (FREE), a Greek transporter of dry-bulk cargoes, announced Monday that it has entered into a definitive agreement with Crede CG III, Ltd., a wholly-owned subsidiary of Crede Capital Group, LLC, for an investment of $10 million.

The investment will be through the private placement of two series of zero-dividend convertible preferred stock and Series A and B Warrants, subject to certain terms and conditions.

Ion Varouxakis, Chairman, President and CEO, said, "The agreement, which follows our recently announced elimination of approximately $30 million of indebtedness, provides the Company with the capital necessary to help further strengthen its balance sheet and position itself to grow its fleet, generating future income and earnings growth."

In pre-market activity, FreeSeas shares are currently trading at $0.45, up $0.0463 or 11.47 percent.