The company and Sea Trade have entered into a master agreement pursuant to which the company will acquire the nine vessels for an aggregate purchase price of US$330 million, of which US$220 million will be paid in cash and US$110 million is to be paid in the form of 18 487 395, in aggregate, newly issued common shares of the company, at a price of US$5.95 per share. The company intends to fund the cash portion of the consideration with available cash on hand and is currently negotiating terms of a new credit facility with a major European lender, the proceeds of which will be used to fund the balance of the cash purchase price. The common shares will be issued upon the closing of each vessel delivery. The company has agreed to register the common shares consideration to be issued to Sea Trade for resale pursuant to a registration statement to be filed with the SEC.