VANCOUVER, British Columbia, July 21, 2026 (XOL Africa) — BluEnergies Ltd. said Tuesday it has increased the maximum size of its previously announced non-brokered private placement to C$20.7 million, citing strong investor demand.
The Canadian oil and gas exploration and development company said the offering will now comprise up to 9.2 million units priced at C$2.25 each, compared with an earlier maximum of 4.5 million units for gross proceeds of C$10.125 million.
Each unit will include one common share and one share purchase warrant. Each warrant will allow the holder to purchase an additional common share for C$3.00 for three years from the closing date.
BluEnergies said the net proceeds will be used to explore and advance its assets, as well as for working capital and general corporate purposes.
The offering remains subject to approval by the TSX Venture Exchange. The company said the securities issued under the offering, including shares issuable upon warrant exercise, will be subject to a four-month-and-one-day hold period from the closing date, along with any applicable exchange restrictions.
BluEnergies said it expects to pay eligible arm’s-length finders a cash fee of 6% on a portion of the funds raised. The company may also issue non-transferable warrants to certain eligible finders equivalent to 6% of the units issued on a portion of the offering.
Certain company insiders are expected to participate in the offering, BluEnergies said. Details of any insider participation and related-party transaction disclosures will be provided in a subsequent closing announcement.
BluEnergies is focused on oil and gas exploration and development in offshore West Africa. The company has partnered with TotalEnergies to explore basin floor fan plays in Blocks LB-26, LB-30 and LB-31 in the Harper Basin, offshore Liberia.
The blocks cover about 8,924 square kilometers, or approximately 2.2 million acres, in deep water off Liberia.
The company also recently acquired a previously discovered and tested sand channel play in shallow water offshore Louisiana in the Gulf of America.
The private placement is not being offered to U.S. persons or in the United States unless the securities are registered under U.S. securities laws or an applicable exemption is available.
BluEnergies cautioned investors that statements regarding the offering and the intended use of proceeds constitute forward-looking information and are subject to risks and uncertainties. The company said there is no assurance that the planned offering or its anticipated use of funds will proceed as expected.
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