Euroseas Ltd. (ESEA) announced that the company has executed definitive documentation and entered into a joint venture with companies managed by Eton Park Capital Management, L.P. and an affiliate of Rhone Capital III L.P. to form Euromar LLC, a Marshall Islands limited liability company.
As per the terms of the Joint Venture, Euroseas will invest up to $25 million, while Eton Park and Rhone will each invest up to $75 million for a total of $175 million, with each holding a proportionate ownership interest in Euromar.
Euroseas will also receive options in Euromar which are triggered if certain performance milestones are achieved. Euromar will be managed by a board of six directors, composed of two directors appointed by each of Euroseas, Eton Park and Rhone.
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