EP,
Here's the PR from mid June. They have enough monies to get through til early next year. I believe the Gas-to-power plant will be financed through the world bank or IMF. Ed A. may have the specifics on this.
BPZ Energy Announces $2.7 Million Equity Over-Allotment Placement
Monday June 18, 6:05 am ET
HOUSTON--(BUSINESS WIRE)--BPZ Energy, Inc. (AMEX:BZP - News) today announced that it closed an over-allotment of 500,000 shares of common stock at a price of $5.40 for an additional $2.7 million dollars. The over-allotment was offered under the same terms and conditions, except for the price, to the investors that participated in the recently completed $35 million private placement.
No warrants or dilutive securities will be issued to the investors in connection with the private placement. The shares are being placed directly by the Company and there are no placement fees. However, the Company retained Morgan Keegan & Company, Inc., as its financial advisor in connection with this transaction. This transaction is contingent upon approval of the additional listing of shares by the American Stock Exchange.
These funds will be used, in part, to support the exploration commitment for Block XXII, located onshore in the Lancones basin, for which the Company has been qualified as the bonafide operator and is in the process of finalizing the license contract. The Company expects to receive in the near future the qualification as bonafide operator for Block XXIII, located onshore in the Tumbes basin adjacent to the Company's offshore Block Z-1 and onshore Block XIX.
Manolo Zuniga, President and CEO of BPZ Energy, said: "Given the industry's increasing level of interest in Peru, we are very pleased with the progress made in our negotiations for finalizing the license contracts for Blocks XXII and XXIII. These additional funding demonstrates once again the support we have from our investors to ensure the Company will comply with the work commitments under these license contracts." |
