HAMILTON, Bermuda, June 7, 2016 /PRNewswire/ -- Ardmore
Shipping Corporation (NYSE: ASC) ("Ardmore" or the "Company") today announced that, subject to market conditions, it plans to
offer 7.5 million of its common shares in an underwritten public offering pursuant to an effective shelf registration
statement filed with the U.S. Securities and Exchange Commission. In connection with the proposed offering, Ardmore intends to
grant the underwriters a 30-day option to purchase up to 1,125,000 additional common shares. GA Holdings LLC, the
Company's largest shareholder, has indicated an interest in purchasing approximately 17.0% of the offered shares at the public
offering price.
Ardmore intends to use the net proceeds of the offering to partially fund its proposed acquisition of six modern Eco-design MR
product/chemical tankers, which it also announced today. Ardmore plans on funding the remainder of the purchase price of the
vessels with a new credit facility with an existing lender.
Morgan Stanley, Evercore ISI, Stifel and ABN AMRO will act as joint book-running managers for
the public offering. DVB Capital Markets will act as co-manager for the offering.
When available, copies of the prospectus supplement and accompanying base prospectus related to the offering may be obtained
from Morgan Stanley at, 180 Varick Street, 2nd Floor, New York, NY 10014, Attn: Prospectus
Department; Evercore ISI at 55 East 52nd Street, 36th Floor, New York, NY 10055, Attn:
Prospectus Department, telephone: 212-446-5664, email: ECM_Prospectus@evercoreisi.com; Stifel at One South Street, 15th Floor, Baltimore,
MD 21202, Attn: Syndicate Department, telephone: 1- 855-300-7136, e-mail: syndprospectus@stifel.com; and ABN AMRO at 100 Park Avenue, New York, NY 10017, e-mail: capitalmarketsUSA@abnamro.com.
This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein,
nor shall there be any sale of these securities in any state or other jurisdiction in which such an offer, solicitation or sale
would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The offering may be
made only by means of a prospectus supplement and accompanying base prospectus.
About Ardmore Shipping Corporation
Ardmore owns and operates a fleet of mid-size product and chemical tankers ranging from 25,000 to 50,000 deadweight tonnes.
The Company provides seaborne transportation of petroleum products and chemicals worldwide to oil majors, national oil companies,
oil and chemical traders, and chemical companies, with its modern, fuel-efficient fleet of tankers.
Ardmore's core strategy centers around operating a modern, high-quality fleet of product and chemical tankers, building key
long-term commercial relationships, and maintaining its cost advantage in assets, operations and overhead, while creating
significant synergies and economies of scale as the Company grows. Ardmore provides its services to customers through voyage
charters, commercial pools and time charters and enjoys close working relationships with key commercial and technical management
partners.
Forward-Looking Statements
The statements in this press release that are not historical facts may be forward-looking statements, including statements
about Ardmore's public offering and the use of proceeds thereof, and the proposed acquisition of six tankers and the
financing thereof. These forward-looking statements involve risks and uncertainties that could cause the outcome to be materially
different. These risks and uncertainties include, among others, failure to close the public offering or proposed vessel
acquisition and those discussed in Ardmore's public filings with the U.S. Securities and Exchange Commission. Ardmore undertakes
no obligation to revise or update any forward-looking statements unless required to do so under the securities laws.
Investor Relations Enquiries:
The IGB Group
Mr. Leon Berman
Tel: 212-477-8438
Fax: 212-477-8636
Email: lberman@igbir.com
Or
Mr. Bryan Degnan
The IGB Group
Tel: 646-673-9701
Email: bdegnan@igbir.com
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SOURCE Ardmore Shipping Corporation