In accordance with the terms of the agreement, Frontline may offer and sell its common shares at any time and from time to time through Morgan Stanley as its sales agent.
Sales of the common shares, if any, will be made by means of ordinary brokers' transactions on NYSE, or otherwise at market prices prevailing at the time of sale, at prices related to the prevailing market prices, or at negotiated prices.
The net proceeds will be used to fund growth opportunities, for certain capital expenditures, including to purchase EGCS to comply with upcoming implementation of new IMO standards, and for general corporate purposes.