Rand Logistics Warrant Exercises Generate $17.8 Million in Cash for the Company
18 Juli 2007 - 2:30PM
Business Wire
Rand Logistics Inc. (NASDAQ: RLOG, RLOGW, RLOGU) today announced
that 3,964,965 of its publicly traded warrants were exercised under
the program whereby holders could exercise warrants at $4.50,
versus the $5.00 exercise price provided by the original terms of
the warrants, generating cash of $17,842,000 for Rand. The reduced
exercise price program expired on July 13, 2007, and the original
exercise price of $5.00 has been reinstituted for all remaining
unexercised warrants. 5,231,215 warrants remain outstanding,
including 1,571,349 warrants owned by officers and directors, none
of whom exercised any warrants at the reduced exercise price.
Laurence Levy, Chairman and CEO, stated, �We are delighted by the
enthusiastic response of our warrant holders to the reduced
exercise price. The warrant exercises substantially enhance our
balance sheet, improve our liquidity, and reduce the warrant
overhang on our common stock. We believe we are now well funded to
make further investments, both internally and externally, in
growing our business.� About Rand Logistics Rand Logistics, Inc. is
a leading provider of bulk freight shipping services throughout the
Great Lakes region. Through its subsidiaries, the Company operates
a fleet of eleven self-unloading bulk carriers, including nine
River Class vessels and one River Class self-unloading tug/barge
unit. The Company is the only carrier able to offer significant
domestic port-to-port services in both Canada and the U.S. on the
Great Lakes. The Company�s vessels operate under the U.S. Jones Act
� which dictates that only ships that are built, crewed and owned
by U.S. citizens can operate between U.S. ports � and the Canada
Marine Act � which requires Canadian commissioned ships to operate
between Canadian ports. Forward-Looking Statements This press
release may contain forward-looking statements (within the meaning
of the Private Securities Litigation Reform Act of 1995) concerning
the Company and its operating subsidiaries. Forward-looking
statements are statements that are not historical facts, but
instead statements based upon the current beliefs and expectations
of management of the Company. Such forward-looking statements are
subject to risks and uncertainties, which could cause actual
results to differ from the results included in such forward-looking
statements.
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