Portland Gas raises £9 million; Bio-Bridge sells additional units to director; SmartHeat closes offering

By Kenneth Lim

Boston, July 11 - Portland Gas plc raised £9 million in a private placement of shares to develop its gas storage projects in the United Kingdom.

Bio-Bridge Science, Inc. upsized its previously announced placement of units after a director subscribed for an additional $1.45 million.

SmartHeat Inc. closed an offering of stock and warrant units that raised $5.67 million that the company will use for working capital and potential acquisitions.

Portland raises for projects

Portland Gas placed £9 million of its common stock through a private placement.

The company sold about 2.54 million shares at 355p apiece. Portland Gas common stock (AIM: PTG) closed at 349p on Friday, a 5.48% or 20.25p decline.

The shares were placed with new and existing institutional investors, the company said in a press release.

Proceeds will be used to support the advanced work on the company's Portland gas storage project, drill a confirmation borehole later this year at its Larne Lough project in Northern Ireland and develop further storage opportunities.

Portland Gas is a Surrrey, England-based energy company.

"The placing provides funding for Portland Gas to continue to develop our existing gas storage projects in the U.K. and to accelerate the development of exciting new storage opportunities," Portland Gas chief executive Andrew Hindle said in the press release.

Bio-Bridge director buys more units

Bio-Bridge Science upsized it planned placement of units to $4.32 million after director Anthony Cheung took an additional $1.45 million worth.

The deal originally settled for $2.78 million on July 3.

The company initially sold about 3.45 million units of one common share and one half-share warrant at $0.725 per unit to NFR International Pty Ltd. and China Diamond Ltd., companies controlled by Bio-Bridge director Trevor Roy. On July 9, Cheung took 2 million units, bringing the deal to its latest amount.

Each five-year warrant will be exercisable at $1.10.

Bio-Bridge common stock (OTCBB: BGES) closed unchanged at $1.75 on Thursday.

Proceeds will be used for general working capital and to fund the company's vaccine development in China.

Based in Oak Brook, Ill., Bio-Bridge develops treatments for infectious diseases.

"We are happy to see our directors show a strong support for our company and have confidence in our business and strategy," Bio-Bridge chairman and chief executive Liang Qiao said in a statement. "We closed private placements for a total $4.23 million recently, including Mr. Cheung's investment. We expect that these funds will assist us in both our core business of vaccine development and in plans for our acquisitions/joint ventures. We are optimistic that our continuous hard work will begin to demonstrate results."

SmartHeat raises $5.67 million

SmartHeat said it raised $5.67 million through a private placement of units.

The company issued 1.62 million units of one common share and one three-year warrant at $3.50 per unit. Each warrant is exercisable for 15% of one common share at $6 per share.

SmartHeat common stock (OTCBB: SMHT) did not trade on Friday. It last closed at $4.58 on July 7.

SmartHeat, a Shenyang, China-based maker of plate heat exchangers, said it will use the proceeds for potential acquisitions, working capital and equipment upgrades.

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