Rand Logistics raises $16 million for vessels

Rand Logistics raises $16 million for vessels   Rand Logistics said it has raised $16.1 million, net of underwriter’s commission by selling 2.8 million shares of stock at $6 per share that it expects to use to partially fund the purchase of two dry bulk carriers, one of which is a self-unloader.
  The company said it entered into agreements to purchase the two bulk carriers for $25 million. The acquisition of the self-unloading vessel, which is an integrated tug/barge unit, is subject to Rand obtaining acceptable debt financing.
   Rand anticipates investing an additional $10 million to modify the two bulk carriers.
   Rand Logistics is a provider of bulk freight shipping services in the Great Lakes. Through its subsidiaries, the company operates a fleet of three conventional bulk carriers and 12 self-unloading bulk carriers, including three integrated tug/barge units.