Arne Blystad's Songa Bulk has bagged $100m from a private placement which attracted strong demand from international investors.
Songa Bulk's purse is double the initial lower target set when it launched the fundraiser yesterday afternoon and chief executive Herman Billung says the owner could have raised more cash as the placement was oversubscribed.
The owner has set an acquisition window of 12 months from its initial $74m over the counter listing last November to add more tonnage to its now five-strong fleet.
Proceeds
