Boston, MA, 07/03/2013 (nysepost) - Frontline Ltd. (NYSE:FRO) entered into an equity distribution agreement in early June 2013 with Morgan Stanley & Co LLC through which the company is allowed to offer and sell new ordinary shares of its stock in a series of offerings. The agreement stipulates that the net proceeds of the stock offer are to be valued at $40 million and that the offer shall be made through Morgan Stanley LLC. Frontline Ltd. (NYSE:FRO) plans to utilize the capital received from the stock offering to cover its expenses and to supplement the existing working capital requirements.
Shares of Frontline Ltd. (NYSE:FRO) closed at $1.96 on Tuesday, recording a gain of 8.89 percent. The share price ranged between $1.83 and $1.98 during the day, with a 52-week high of $4.72 and a 52-week low of $1.71 per share.
Frontline Ltd. (NYSE:FRO) recorded very high trading volume of 1.44 million shares on Tuesday, whereas the average volume is 1.21 million shares per day. Frontline Ltd. (NYSE:FRO) currently has 77.86 million shares outstanding in the market, with a market cap of $152.60 million, along with an institutional ownership of a negligible percent of the total share capital.
The future of medical marijuana is all about the delivery system. MediJane brings you transdermal patches, Gel Capsules, Sublingual's and topical creams. Learn more about MediJane Holdings, Inc. (OTCQB: MJMD) Click Here Now
Frontline Ltd. (NYSE:FRO) is a shipping company, primarily engaged in ownership and operation of oil tankers and oil/bulk/ore (OBO) carriers. The tankers are of two sizes, very large crude carriers (VLCCs) between 2 and 3.2 lakh deadweight tons and suezmax tankers between 1.20 and 1.70 lakh deadweight tons. The fleet of Frontline Ltd. (NYSE:FRO) consists of 44 VLCCs, 21 Suezmax tankers which are either chartered or owned, and 8 Suezmax OBOs which are chartered.