Euroseas Ltd. Announces $14.9M Rights Offering

Euroseas Ltd. ESEA announced today the results of its previously announced rights offering to shareholders of the Company. The rights offering expired on June 15, 2012 and was oversubscribed, including the exercise of basic subscription privileges and oversubscription privileges, at a price of $1.10 per share for 13,852,094 shares of common stock of the Company. Since shareholders exercised oversubscription privileges for more shares than were available to be purchased under the rights offering pursuant to their oversubscription privileges, the shares of our common stock to be issued pursuant to the exercise of the oversubscription privileges will be allocated pro rata among those oversubscribing holders as described in the offering materials. The Company strengthened its balance sheet through the rights offering generating total net proceeds of approximately $14.9 million. The Company intends to use the proceeds of the rights offering to renew and expand its fleet, to participate in joint ventures with the objective of acquiring vessels and for general corporate purposes.