23.9.2007: Meldung: Pure Biofuels Secures $30 Million in a Private Financing
Pure Biofuels intends to use the net proceeds from this financing to complete the construction of its primary 52.5 million gallon per year production facility at the Port of Callao in Lima, Peru. The company also plans to complete the acquisition of Interpacific Oil and the expansion of that facility from its current 7 million gallons per year to 10 million gallons per year. The annual capacity for the combined operation is expected to exceed 62 million gallons per year by mid 2008, making Pure Biofuels one of the largest biodiesel producers in South America.
In addition, these funds will be used to finance feasibility studies that are underway in support of Pure Biofuel"s anticipated expansion into Argentina as well as its vertical integration strategy whereby the company will produce 100% of its own feedstock from plantations in Peru. The feedstock studies are focusing on the development of palm, jatropha, and canola plantations. Pure has secured 60,000 hectares for plantation development in central Peru and has plans for additional expansion.
Merriman Curhan Ford & Co. (AMEX:MEM) acted as lead placement agent for this transaction. Canaccord Adams acted as co-placement agent.
The shares sold in the private placement have not been registered under the Securities Act of 1933, as amended or state securities laws and may not be offered or sold in the United States without being registered with the Securities and Exchange Commission, or through an applicable exemption from SEC registration requirements. The shares were offered and sold only to accredited investors. The Company has agreed to file a registration statement with the SEC covering the resale of the common stock issued in the private placement. This news release is not an offer to sell or the solicitation of an offer to buy the shares of the Company.
About Pure Biofuels Corporation
Pure Biofuels is committed to becoming a leader in Latin America"s rapidly emerging biofuels industry. Pure Biofuels" flagship project, the Callao Port biodiesel refinery near Lima, Peru, is scheduled to commence production during the first quarter of 2008. The Callao Port refinery will process biodiesel from crude palm oil feedstock. Pure Biofuels has secured memorandums of understanding with local fuel distributors for all of Callao Port"s annual biodiesel production. The company believes Peru"s economic growth and expansion, which includes a more than doubling of foreign direct investment in the country to $3.5 billion in 2006, and over 8.0% of GDP growth in 2006, adds to Peru"s promise as an attractive geography for alternative fuel production and development. For more information about Pure Biofuels visit: http://www.purebiofuels.com/home.html
Biodiesel is a clean and renewable energy source derived from vegetable oil that can be used in unmodified diesel engines. Biodiesel improves overall engine performance, is 100% compatible with existing diesel vehicles and infrastructure, and has proven reliable in over 50 million miles of road testing. Biodiesel significantly reduces harmful exhaust emissions, which contribute to global warming; is non-toxic at any level; and is the first and only fuel to have passed the Clean Air Act. The United Nations expects biofuels to account for a full 25% of world energy needs by 2025.