Venari Resources disclosed selling $1.5 billion worth of equity securities as part of financing round. The equity securities, which started to sell on June 30th, were bought by seventy-eight investors. The offering has no fundraising cap and the company may elect to raise additional funds until the offering closes in June 2015. No offering was previously initiated by the company under a registration exemption with the SEC. The company had negotiated with Warburg Pincus a $1.1 billion line-of-equity commitment in 2012, which seems to have been drawn upon two weeks ago and reported as part of this filing.
The company is an oil and gas exploration organization focused on the prolific oil-prone subsalt region in the Gulf of Mexico’s deep waters. The company is backed by Warburg Pincus, Kelso & Co, Temasek and The Jordan Company.
The company is headquartered in Addison TX. Venari Resources elected to keep its revenues undisclosed.
The executive team includes Adam B Rubin, Brian C Reinsborough, Bruce W Busmire, Jon B Napier, Richard L Smith, Rowland T Burno, Scott H Cornwell and William B Swingle.
The board of directors includes A Richard Caputo, Brian F Maxted, George E Matelich, In Seon Hwang, Khodor Mattar, Peter R Kagan and Steven P Evans.
Company: Venari Resources
Industry: Oil and Gas
Amount offered: N/A
Amount placed: $1.5 billion
First sale: 06-30-2014
Data as of: 07-14-2014