Change: offered +0% / raised +690% / placed 39%
The planned $930,000 financing was reported by Bonfire Energy as 39% completed. A total of five additional backers invested $320,000 in the company’s offering. The prior information, filed a few days ago, stated one investor had committed $50,000. Bonfire Energy’s offering has $560,000 left up for subscription. The private placement’s expected net proceeds will amount to $880,000, excluding $50,000 paid in brokerage fees by the company. The subscription will close either once the offering is sold in full or in a year, whichever one comes first. The company is issuing unregistered securities for the first time.
The company is an oil and gas operator utilizing technology and experience to acquire, drill, rework and produce oil and gas. It targets established reserves by identifying infill opportunities, or utilizing new technology to target reworks of wells in older fields. It seeks out and acquires land and leases throughout the state of Texas.
Richard E Rockwell (President) leads the Frisco TX based company which was registered in 2013. Bonfire Energy disclosed having revenues on or below $1 million.
Status: Intermediary close
Company: Bonfire Energy
Industry: Oil and Gas
Amount offered: $930,000
Amount placed: $370,000
First sale: 03-03-2014
Data as of: 03-07-2014