Attached files
| file | filename |
|---|---|
| 8-K - 8-K - Bluefire Renewables, Inc. | v208889_8k.htm |
| EX-4.1 - EX-4.1 - Bluefire Renewables, Inc. | v208889_ex4-1.htm |
| EX-10.2 - EX-10.2 - Bluefire Renewables, Inc. | v208889_ex10-2.htm |
| EX-10.1 - EX-10.1 - Bluefire Renewables, Inc. | v208889_ex10-1.htm |
BlueFire
Renewables, Inc. Receives $150,000 and Secures Additional $9.85M
in
Committed Funding from Lincoln Park Capital Fund, LLC
IRVINE,
CA., January 24, 2011 – BlueFire Renewables, Inc. (OTC Bulletin
Board: BFRE), a company focused on changing the world's transportation fuel
paradigm through the production of renewable fuels from non-food cellulosic
wastes, announced today that it has signed a purchase agreement for up to $10
million with Lincoln Park Capital Fund, LLC (“LPC”), a Chicago-based
institutional investor.
This
money will allow BlueFire to shore up its short-term cash needs and continue to
pursue financing opportunities on its projects.
Upon
signing the agreement, LPC invested $150,000 in BlueFire as an initial
investment under the agreement at $.35 per share together with warrants to
purchase an equivalent number of shares at an exercise price of $.55 per
share.
In
addition, under the agreement subject to certain conditions and at BlueFire’s
sole discretion, LPC has committed to invest up to $9.85 million of BlueFire’s
common stock over a 30-month period. BlueFire is required to file a registration
statement with the U.S. Securities and Exchange Commission covering the resale
of the shares that may be issued to Lincoln Park. Once the registration
statement is effective, LPC is obligated to make purchases as BlueFire directs
in accordance with the purchase agreement, which may be terminated by BlueFire
at any time, without cost or penalty. Sales of shares will be made in specified
amounts and at prices that are based upon the market prices of the Company’s
common stock immediately preceding the sales to LPC, without any fixed
discount. Except for a limitation on variable priced financings,
there are no financial or business covenants, restrictions on future funding,
rights of first refusal, participation rights, penalties or liquidated damages
in the purchase agreement.
“We are
pleased to have received this initial investment from Lincoln Park Capital,”
said BlueFire President and CEO Arnold Klann. “In addition, the agreement
provides added flexibility to opportunistically raise additional capital from
this committed institutional investor which should complement our other capital
raising efforts. Lincoln Park Capital has shown confidence in our
ability to continue to progress and expand our capabilities and we look forward
to working with their well respected team.”
No
placement agent or underwriting fees are payable in connection with this
transactions. BlueFire intends to use the proceeds of this transaction for
general corporate purposes and to aid in the closing of additional financing for
the Fulton project.
A more
detailed description of the agreement is set forth in the Company’s Current
Report on Form 8-K recently filed with the SEC which the Company encourages be
reviewed carefully.
About Lincoln Park Capital
(“LPC”)
LPC is an
institutional investor headquartered in Chicago, Illinois. LPC’s experienced
professionals manage a portfolio of investments in public and private
entities. These investments are in a wide range of companies and
industries emphasizing life sciences, energy and technology. LPC’s
investments range from multiyear financial commitments to fund growth to special
situation financings to long-term strategic capital offering companies
certainty, flexibility and consistency. For more information, visit
www.LincolnParkCapital.com.
About BlueFire Renewables,
Inc.
BlueFire
Renewables, Inc. was established to deploy a commercially ready, patented and
proven Concentrated Acid Hydrolysis Technology Process for the profitable
conversion of cellulosic waste materials ("Green Waste") to renewable fuel
sources, including Cellulosic Ethanol, Biodiesel, BioJet Fuel, and Drop-in
Directs. BlueFire is the only cellulose-to-fuel company worldwide with
demonstrated production of Biofuels from urban trash (post-sorted MSW), rice and
wheat straws, wood waste and other agricultural residues.
BlueFire
received an increase to its Grant totaling $88 million under the American
Recovery and Reinvestment Act in December of 2009. BlueFire's
biorefineries will be located near markets with high demand for ethanol and will
use locally available biomass. This should dramatically reduce delivery costs
and increase biofuel supplies, while providing a unique waste processing
technology to help America's cities better manage the increasing problem of
overflowing landfills. For more information, please visit www.BFREINC.com.
If you
would like to receive regular updates on BlueFire Renewables, please select this
following link:
http://www.b2i.us/irpass.asp?BzID=1437&to=ea&s=0.
Forward-Looking
Statements
Statements
about BlueFire Renewables expectations, including future revenues and earnings,
and all other statements in this press release other than historical facts are
"forward-looking statements" within the meaning of section 27A of the Securities
Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as the term
is defined in the Private Litigation Reform Act of 1995. BlueFire's actual
results could differ materially from expected results. BlueFire undertakes no
obligation to update forward-looking statements to reflect subsequently
occurring events or circumstances. Should events occur which materially affect
any comments made within this press release; BlueFire will appropriately inform
the public.
This
press release includes statements that constitute "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act of 1995 (the
"Reform Act"). BlueFire Renewables, Inc. claims the protection of the
safe-harbor for forward-looking statements contained in the Reform Act. These
forward-looking statements are often characterized by the terms "may,"
"believes," "projects," "expects," or "anticipates," and do not reflect
historical facts. Specific forward-looking statements contained in this press
release include, but are not limited to: our successful development and
deployment of ethanol production facility or facilities, impact of the company's
expansion plan, and new business development success, future financial results,
the impact of competitive products or pricing from technological changes, the
effect of economic conditions and other uncertainties. The forward-looking
statements contained herein involve risks and uncertainties that could cause
actual results to differ materially from the expectations contained in any such
forward-looking statements. These risks include, but are not limited to: failure
to manage operating expenses or integrate new facilities and/or technologies,
each of which could have a material impact on our business, our financial
results, and the company's stock price. These risks and other factors are
detailed in the Company's regular filings with the U.S. Securities and Exchange
Commission. Most of these factors are difficult to predict accurately and are
generally beyond the Company's control. Forward-looking statements speak only as
to the date they are made and BlueFire Renewables, Inc. does not undertake to
update forward-looking statements to reflect circumstances or events that occur
after the date the forward-looking statements are made.
Company
Contact:
Richard
Klann
BlueFire
Renewables, Inc.
rgklann@bfreinc.com
949.588.3767,
ext. 411
Media
Contact:
Laura
Finlayson
Beckerman
lfinlayson@beckermanpr.com
201-465-8007
Investor
Relations:
Scott
Kitcher
EcoFin
Consulting
skitcher@ecofinconsulting.com
949.435.2056