Imperial Petroleum, a tanker spin-off of Nasdaq-listed StealthGas, has made yet another foray into financial markets to raise funds for acquisitions.

The Harry Vafias-led company, which owns five MRs and one aframax, said in a stock exchange filing it priced about 72.7 million units at $0.55 each.

Imperial said it expects gross proceeds of about $40m from the sale.

Net proceeds are to be spent on capital expenditures “including acquisitions of additional vessels, which we have not yet identified”, Imperial said.