BluEnergies Closes $20.7 Million Non-Brokered Private Placement Successfully

BluEnergies Concludes $20.7 Million Private Placement

On July 23, 2026, BluEnergies Ltd. (TSXV: BLU; OTCQX: BLUGF) announced the successful closing of its non-brokered private placement, which garnered gross proceeds of CAD 20,704,560.75. This move is aimed at advancing the company's oil and gas exploration efforts, especially in offshore West Africa, where it collaborates with TotalEnergies.

Details of the Offering

The private placement involved the issuance of 9,202,027 units, with each unit priced at CAD 2.25. Each unit comprises one common share and one common share purchase warrant. These warrants, totaling over 9.2 million, allow holders to purchase additional common shares at an exercise price of CAD 3.00 for three years, expiring on July 23, 2029.

The company intends to utilize the net proceeds from this offering for the exploration and advancement of its assets, as well as for general corporate purposes and working capital.

Finder's Fees and Insider Participation

As part of the fundraising, BluEnergies paid finder’s fees amounting to CAD 1,005,683.85, which is equivalent to 6% of the gross proceeds from subscribers referred by the finder. Additionally, it issued a total of 446,970 finder's warrants, also at a 6% rate, which are exercisable into common shares at the same price of $3.00 until 2029.

Interestingly, the offering saw participation from certain insiders of the company, totaling 192,000 units for approximately 2.1% of the offering. Given that these transactions involved insiders, they were categorized as