Frontline raises $21.5 million in equity Frontline raises $21.5 million in equity

Frontline raises $21.5 million in equity Frontline raises $21.5 million in equity

Frontline raises $21.5 million in equity Frontline raises $21.5 million in equity

   Frontline Ltd., the Scandinavian-based tanker shipping major, has completed a private placement of $21.5 million in new equity by issuing 600,000 shares to several institutional investors at a purchase price of NOK246 ($36) per share.

   Carnegie ASA, Enskilda Securities ASA and Fearnley Fonds ASA acted as placement agents for the issue.

   Expansion-minded Frontline said that the proceeds of the placement will be used to finance the acquisition of three “Suezmax” tankers.