NEW YORK, April 12, 2011 /PRNewswire/ -- General Maritime Corporation (the "Company") (NYSE: GMR) announced today that the underwriters of its recent public offering of 23,000,000 shares of the Company's common stock fully exercised their over-allotment option to purchase an additional 3,450,000 shares of common stock, bringing the total net proceeds from the offering to approximately $49.5 million after deducting underwriting discounts and commissions and estimated offering expenses. The closing of the over-allotment option occurred on April 8, 2011. Jefferies & Company, Inc. and Dahlman Rose & Company, LLC acted as joint book running managers for the offering. The common stock was offered pursuant to a shelf registration statement that was previously filed with and declared effective by the U.S. Securities and Exchange Commission. The offering was made only by means of a prospectus and related prospectus supplement. A copy of the 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. 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 the solicitation of an offer to buy nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any 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.About General Maritime Corporation General Maritime Corporation is a leading crude and products tanker company serving principally within the Atlantic basin, which includes ports in the Caribbean, South and Central America, the United States, West Africa, the Mediterranean, Europe and the North Sea. General Maritime also currently operates tankers in other regions including the Black Sea and Far East. General Maritime owns a fully double-hull fleet of 31 tankers - seven VLCC, ten Aframax, eleven Suezmax tankers, two Panamax and one Product tanker - with a total carrying capacity of approximately 5.1 million dwt. The Company also has three Product tankers that are chartered-in with options to purchase the vessels. The Company controls tonnage totaling 5.2 million dwt, including the owned fleet and the chartered-in fleet. "Safe Harbor" Statement Under the Private Securities Litigation Reform Act of 1995 This press release contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management's current expectations and observations and include factors listed from time to time in the Company's filings with the Securities and Exchange Commission, including, without limitation, its Annual Report on Form 10-K for the year ended December 31, 2010 and subsequent filings on Form 8-K. SOURCE General Maritime Corporation
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.