Irvine, California [RenewableEnergyAccess.com] BlueFire Ethanol Fuels, Inc. has closed $15 million in financing for corporate overhead and continued project development with Quercus, an environmentally focused trust. On December 14, 2007, BlueFire entered into a Securities Purchase Agreement whereby Quercus Trust acquired shares of common stock and warrants for total proceeds of approximately $15 million.
The complete terms of the agreement are detailed in the Form 8-K filed with the Securities and Exchange Commission on December 17, 2007. The financing made it possible for BlueFire to convert its outstanding senior secured convertible notes held by Aurarian Capital Partners and Aurarian Capital Ltd into common stock.“BlueFire is very excited to have the Quercus Trust as a strategic investor in our company and we applaud the Quercus Trust’s continued commitment to invest in the companies that provide environmentally sound solutions for today’s global issues,” said Arnold Klann, president and CEO of BlueFire Ethanol. “This investment will provide us with the capital liquidity that we need to continue to execute our business plan and will help bring America one step closer to becoming energy independent.”