Top Ships entered an agreement to sell a $10m promissory note to Kalani Investments, according to a securities filing.
The Nasdaq Capital Market-listed tanker owner said the note will mature 25 August 2017. The note has a 6% annual interest rate, which will accrue daily based on a 360-day year and will be paid on the maturity date.
The Evangelos Pistiolis-led company first became involved with Kalani through a common stock purchase agreement in February. Kalani agreed to buy up to $3.1m in Top Ships stock. In March, Kalani agreed to increase that amount to $6.9m over the next 24 months.
Kalani first emerged as an investor in George Economou's DryShips last November. DryShips entered a private direct sale of $20m in newly issued preferred shares and warrants to the private firm registered in British Virgin Islands. It subsequently entered a deal to buy $200m in common shares from DryShips. Kalani also made a $150m investment in Diana Containerships.
