$10m deal is done

Nasdaq-listed dry bulk operator FreeSeas is concluding thesecond part of its $10m cash injection from Crede Capital Group (CCG) and isready to start investing again according to company executives.

In the second and final leg of the fund raising packageFreeSeas will sell CCG 85,000 shares of Series C Convertible Preferred Stock for$8.5m.

The preferred stock is convertible to common stock at either$2 or the closing price today, whichever is lower.

FreeSeas