In a statement published prior to the close the Nasdaq-listed owner said it is looking to sell up to $25m worth of Series D Convertible Preferred Stock and Series C Warrants.
The company identified Dawson James Securities as the placement agent and pointed out that the fundraiser is expected to close on 28 May 2014.
FreeSeas, which currently oversees a fleet of five handysizes and one handymax, said the securities will be solid in units of 250,000 at a price of $100.00
