NASSAU, BAHAMAS – Bahamas Petroleum raised approximately $914,000 US dollars at the close of initial subscriptions to its Bahamian mutual fund offering.
The Bahamas-domiciled mutual fund had been set up exclusively for financial institutions and high net-worth individuals to invest in the company’s exploration campaign set to commence within the next two months.
With a minimum buy-in of $10,000, the initial offering period for the fund was scheduled to close on February 7, but was extended until February 12.
Leno Corporate Services said it had applied the extension to accommodate the administrative processing of applications during the initial subscription period.
BPC, the oil and gas exploration company is licensed by The Bahamas’ government to assess the country’s petroleum resources.
BPC has stated previously that its drill rig ship will be stationed 15 miles off the Maritime Border with Cuba.