The company said it has sold preferred shares to an institutional investor

The stock can be redeemed by NewLead or converted by the buyer into commonshares.

Payment has been split into $2.5m in cash up front and then nine equalmonthly payments

Some will help complete the acquisition of two unnamed eco-type 31,800-dwt bulkersbuilt in 2012. These are costing $37m and 75% debt financing was secured lastmonth, leaving $9.25m