By Devika Patel
Knoxville, Tenn., Feb. 24 - BPZ Resources, Inc. said it settled a private placement of stock for approximately $43.6 million. The deal priced for approximately $48 million on Feb. 13.
The company sold about 14.3 million common shares at $3.05 per share.
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: | $43.6 million (approximate)
|
| Shares: | 14.3 million (approximate)
|
| Price: | $3.05
|
| Warrants: | No
|
| Agent: | Pritchard Capital Partners, LLC
|
| Pricing date: | Feb. 13
|
| Settlement date: | Feb. 24
|
| Stock symbol: | Amex: BPZ
|
| Stock price: | $3.35 at close Feb. 12
|
| Market capitalization: | $295 million
|
© 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.
