By Devika Patel
Knoxville, Tenn., April 7 - BPZ Resources, Inc. said it settled a $48 million private placement of stock with a $4.4 million tranche. The deal priced on Feb. 13 and the company raised approximately $43.6 million in the first tranche on Feb. 24.
The company sold approximately 14.3 million common shares at $3.05 per share in the first tranche. It sold 1.4 million shares in this tranche to International Finance Corp.
The shares were placed by Pritchard Capital Partners, LLC.
Proceeds will be used primarily to fund the ongoing oil development in the Corvina and Albacora oil fields in the company's offshore Block Z-1 and for general corporate purposes.
BPZ is an oil and gas exploration and production company based in Houston.
| Issuer: | BPZ Resources, Inc.
|
| Issue: | Common shares
|
| Amount: | $48 million (approximate)
|
| Shares: | 15.7 million shares (approximate)
|
| Price: | $3.05
|
| Warrants: | No
|
| Agent: | Pritchard Capital Partners, LLC
|
| Investor: | International Finance Corp. (for 1.4 million shares)
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| Pricing date: | Feb. 13
|
| Settlement date: | Feb. 24 (for approximately $43.6 million), April 7 (for approximately $4.4 million)
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| Stock symbol: | Amex: BPZ
|
| Stock price: | $3.35 at close Feb. 12
|
| Market capitalization: | $375 million
|
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