In order to launch its entire East Africa operations, BMC requires $5.5 million in financing to meet capital and operating expenditures in years 1 and 2. With this funding BMC can achieve profitability in the second year of full operations (2014) and be self-sustaining thereafter.
BURN has secured a $3 million loan from the US Overseas Private Investment Corporation (OPIC), a $1 million loan from General Electric, a $500,000 grant from UN Spark Fund and $100,000 grant from the US State Department.
OPIC funding is divided into two phases: $1.5 million will be available for Phase 1 operations and $1.5 million for Phase 2 operations - contingent upon the securing of a combined $1 million in equity and grant funding.
BURN is currently seeking $1 million in equity on terms to be agreed. This equity investment will allow BURN to offer 60 day terms to our distributors, provide funding for immediate construction of the full manufacturing facility, and meet OPIC Phase 2 condition precedents.
Current valuation is $2.5 million.