JFB Construction (JFB) said late Friday it has secured a significant private placement agreement with American Ventures for up to $44 million in equity financing.

The transaction covers 4.39 million series C convertible preferred shares, convertible into about 8.07 million common shares, plus an equal number of stock warrants, the company said.

The company will allocate $12 million of the proceeds to repurchase class B shares held by chief executive officer Joseph Basile III, with the balance earmarked for general corporate use, it added.

Shares of JFB Construction were up 65% in the after-hours session.