By Sheri Kasprzak
New York, Dec. 4 - BPZ Energy, Inc. has negotiated a $19.5 million private placement of its stock as part of a broader financing for $120 million.
The stock offering includes 6.5 million shares at $3.00 apiece to International Finance Corp. (IFC), a private sector arm of the World Bank Group. Following the offering, IFC would become BPZ's majority shareholder.
The financing agreement between BPZ and IFC includes up to $50 million from IFC's own account, including the private placement. The rest of the $70 million will be funded by commercial banks and other financial institutions.
Proceeds from the deal will allow BPZ to complete its gas-to-power project in the Corvina Gas Field offshore northwest Peru.
BPZ, based in Houston, is an oil and natural gas exploration and production company focused on properties in northwest Peru and southwest Ecuador.
| Issuer: | BPZ Energy, Inc.
|
| Issue: | Stock
|
| Amount: | $19.5 million
|
| Shares: | 6.5 million
|
| Price: | $3.00
|
| Warrants: | No
|
| Investor: | International Finance Corp.
|
| Pricing date: | Dec. 4
|
| Stock symbol: | Pink Sheets: BPZI
|
| Stock price: | $4.20 at close Dec. 1
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
