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Rand Raises Equity

Last week, Rand Logistics, Inc. (“Rand”) announced a follow-on offering of 2.975 million shares based upon its existing shelf registration. Led by sole book runner, BB&T Capital Markets, the proceeds of the underwritten offering are earmarked for the partial financing of two bulk carriers, one of which is a self-unloader, to be acquired and for general corporate purposes. The offering was subsequently reduced to 2.8 million shares and priced last Friday at $6.00, a 1.6% discount to the prior day’s close, but a 12.0% discount to the closing price on the date of the announcement. The shares traded up and closed the next day at $6.15. The underwriter has an option to purchase a further 420,000 shares.

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Written by: | Categories: Freshly Minted, The Week in Review | September 22nd, 2011 |

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