M&A – Grandunion Control Investment in Aries Maritime

Represented Aries Maritime Transport Limited (Nasdaq: RAMS) in connection with transaction whereby Grandunion Inc. contributed three capesize drybulk carriers in exchange for 18,977,778 common shares of Aries. Post-transaction, Grandunion holds approximately 34.2% of the outstanding shares of Aries and, as a result of a voting agreement with Rocket Marine Inc., Grandunion controls the vote of approximately 71% of the outstanding Aries shares. In connection with the transaction, Aries’ senior lending syndicate entered into a new $221,429,999 Facility Agreement and Aries issued $145 million in aggregate principal amount of 7% senior unsecured convertible notes due 2015.