TOP Ships Inc. Announces $5.0 Million Private Placement of Senior Convertible Notes and Warrants

TOP Ships Inc. announced a private placement of $5 million in senior convertible notes with an 8-10% interest rate and warrants to purchase 19.8 million common shares at $0.28 per share. The offering includes a potential second tranche of equal size. The company also plans to issue commitment shares equal to 5% of the note principal value. Proceeds will support the company's fleet expansion, including ten MR newbuilding tankers and acquisition of four additional high-specification MR tankers.