NEW YORK, March 30, 2011 /PRNewswire/ -- General Maritime Corporation (NYSE: GMR) today announced that it has commenced a public offering of primary shares of its common stock, par value $0.01 per share (the "Common Stock"). The offering is subject to market conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering. The Company intends to use all of the net proceeds from the offering to fund a portion of the remaining purchase price for its previously announced acquisition of a Suezmax vessel and for general corporate purposes. For purposes of covering over-allotments, the Company expects to grant the underwriters a 30-day option to purchase additional shares of Common Stock offered by the Company. This offering is being made only by means of a prospectus and related prospectus supplement. A copy of the preliminary prospectus supplement, together with the prospectus, has been filed with the U.S. Securities and Exchange Commission and is available on the SEC's website, www.sec.gov. Jefferies & Company, Inc. and Dahlman Rose & Company, LLC will act as joint book running managers for the offering. Copies of the preliminary prospectus supplement and the accompanying prospectus relating to this offering may be obtained from Equity Syndicate Prospectus Department, Jefferies & Company, Inc., 520 Madison Avenue, 12th Floor, New York, NY, 10022, at 877-547-6340, and at Prospectus_Department@Jefferies.com or from the offices of Dahlman Rose & Company, LLC at 1301 Avenue of the Americas, 44th Floor, New York, NY 10019, Attention: Prospectus Department, at 212-710-5559, and at firstname.lastname@example.org. This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction. The shares will be offered only by means of a prospectus, including the prospectus supplement relating to the shares, meeting the requirements of Section 10 of the Securities Act of 1933, as amended.
Shares of General Maritime Corporation (NYSE:GMR) were gapping down Thursday morning with an open price 15.4% lower than Wednesday's closing price. The stock closed at 26 cents yesterday and opened today's trading at 22 cents.