Tanker owner and operator Frontline has completed its share offering raising gross proceeds of USD 100 million to fund growth opportunities through vessel acquisitions.

The funds, raised through the issuance of over 13.4 million of new shares, will also be used for general corporate purposes.

The new shares were priced at USD 7.45 per share, the shipowner said, adding that the offering “was significantly oversubscribed.”

Frontline’s largest shareholder Hemen Holding Ltd. has agreed to be allocated 1,342,281 new shares in the offering, corresponding to 10 per cent of the offering. Hemen will now own an aggregate of 82,145,703 shares in the company, around 48.4 per cent of Frontline’s shares and votes.

The due date for payment for allocated new shares is expected to be December 16, 2016.

Subject to full payment of the new shares, the company said that the delivery of the new shares is expected to be delivered to the subscribers and become tradable on the Oslo Stock Exchange and the New York Stock Exchange on or about December 16, 2016.