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Announcement (June 25, 2009):
BPZ Energy has entered into definitive agreements to sell 18.8 million shares of its common stock at a price of $4.66 per share to raise $88 million in a registered direct offering.
Canaccord Adams, Inc. is acting as lead placement agent for the offering along with Pritchard Capital Partners, LLC and Raymond James & Associates, Inc. In addition, Rodman & Renshaw, LLC and Wunderlich Securities, Inc. assisted as agents on the placement.
Deal Value (US$ Million) 88 Deal Type Private Placement Sub-Category None Deal Status Completed: 2009-06-30
Deal Participants
Target (Company) BPZ Energy, Inc. Acquirer (Company) Undisclosed Investors
Deal Rationale
BPZ Resources intends to use the net proceeds from the offering primarily to fund the ongoing oil development in the Corvina and Albacora oil fields in the offshore Block Z-1, a second platform for the Corvina field and general corporate purposes.
Offer Price ($ per share) 4.66 No. Shares Issued 18800000
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