Ardea, Soho offer stock, warrants; GoFish closes deal to take out debt; Petrobank eyes flow-through deal

By Kenneth Lim

Boston, Dec. 18 - Ardea Biosciences, Inc. placed $30.58 million of its common stock to raise working capital.

GoFish Corp. completed a $22.5 million convertible offering to repay debt and cancel outstanding warrants.

Soho Resources Corp. hopes to raise C$1 million and fund itself for the next year in exchange for units and two board seats.

Petrobank Energy and Resources Ltd. will offer flow-through shares to raise C$8 million for exploration activities.

Ardea to raise $30.58 million

Ardea Biosciences plans to place $30.58 million of its common stock through a private offering.

The company will sell about 2.74 million shares at $11.17 apiece and warrants for 684,332 shares. Each five-year warrant is exercisable at $11.14 for five years.

Ardea common stock (Nasdaq: RDEA) closed at $11.30 on Thursday, up by 1.35% or $0.15. The company has a market capitalization of $170 million.

Proceeds will be used for working capital and general corporate purposes.

Carlsbad, Calif.-based Ardea specializes on the discovery and development of small-molecule therapeutics.

GoFish downsizes deal

GoFish raised $22.5 million in a private placement of 8% convertible preferred stock and warrant units.

The company sold $4 units that each comprised one series A preferred stock and one five-year warrant to purchase eight shares of common stock. Each warrant has a strike price at $0.20 per common share.

The preferreds are initially convertible at $0.20 per common share.

GoFish common stock (OTCBB: GOFH) closed at $0.18 on Thursday, lower by 10% or $0.02. The company's market capitalization was $4.59 million.

Panorama Capital, Rustic Canyon Partners and Rembrandt Venture Partners were the lead investors. Rembrandt also has an option to invest an additional $2.5 million within 60 days of closing.

As part of the preferred placement, Michael Jung, a partner at Panorama, Richard Ling, a partner at Rembrandt and Mark Menell, a partner at Rustic Canyon will join GoFish's board of directors.

GoFish will use a portion of the proceeds to repay all of its outstanding debt and to cancel outstanding warrants. The company said Thursday that holders of about $5.4 million of outstanding debt converted into convertible preferred and warrant units, and all warrants previously issued with debt were either repurchased or converted into common stock. Any remaining proceeds will be used to fund growth and to expand the company's sales and marketing team.

GoFish is an internet video network with headquarters in San Francisco.

Soho to raise C$1 million

Soho Resources plans to sell C$1 million of stock and warrant units through a private placement.

The company will sell 25 million units of one common share and one warrant at C$0.04 per unit. Each two-year warrant will be exercisable at C$0.05.

Soho Resources (TSX: SOH), a C$2.5 million market capitalization company, saw its common stock slide 20% or C$0.005 to close at C$0.02 on Thursday.

The units will be placed with three unrelated Chinese investors. One of the investors will appoint a director to Soho's board. Yao Sun, who helped to arrange the placement, will also join the board of directors.

Proceeds will be used to fund the cost of an updated resource report, additional exploration on the company's Tahuehueto project and for general corporate purposes.

Soho is a Toronto-based resource exploration company.

"In these very difficult market conditions we are pleased to have negotiated this private placement which ensures Soho will have adequate working capital throughout 2009, at our current vastly reduced burn rate," Soho president and chief executive Ralph Shearing said in a statement. "Should market conditions improve such that it allows for additional funding to be achieved at less dilutive rates we intend to accelerate exploration work required to advance the Tahuehueto Project towards economic studies and possible future production."

Petrobank to sell stock

Petrobank plans to sell C$8 million of stock through a private placement.

The company is offering flow-through common shares at C$33 apiece. Petrobank common stock (TSX: PBG) closed at C$21.40 on Thursday, lower by 11.31% or C$2.73.

There is a C$4 million over-allotment option.

Proceeds will be used to fund exploration expenditures.

Based in Calgary, Alta., Petrobank is an oil and natural gas exploration company.

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