Westaim wraps C$275 million deal; Crowflight settles stock sale; Etruscan seeks C$10.5 million

By Stephanie N. Rotondo

Portland, Ore., Feb. 19 - Foreign issuers made up the bulk of Friday's PIPEs market.

Canadian technology developer Westaim Corp. announced it had completed the second and final tranche of its C$275 million private placement of subscription receipts. The funds will be used for a planned acquisition.

Crowflight Minerals Inc. meantime closed a C$11.55 million private placement of shares. A company spokesperson said that the funds would help improve its Bucko Lake mine project.

Among new deals, Etruscan Resources Inc. said it would raise C$10.5 million from a private stock sale. An existing investor has agreed to participate in the deal in order to maintain its stake, and will also purchase any shares not subscribed for.

And, Talisman Mining Ltd. announced it had received "firm commitments and undertakings" for an A$9.51 million private placement of stock. The proceeds will help the company to strengthen its balance sheet.

Westaim completes C$275 million deal

Westaim, a Calgary, Alta.-based technology developer, finished up its previously announced C$275 million private placement of subscription receipts, according to a press release.

The deal originally priced on Jan. 25 and C$273.37 million was settled on Feb. 9. The remaining C$1.63 million came in the second and final tranche.

A total of C$109.5 million was issued on a bought-deal basis.

The company sold 3.25 million receipts in the second portion. Another 546.74 million were issued in the first tranche. Each receipt sold at C$0.50.

The receipts are convertible into one common share.

Proceeds from the financing will be used to fund Westaim's acquisition of Jevco Insurance Co.

An email to the company's president was not returned Friday.

Westaim's equity (Toronto: WED) gained 1 cent, or 1.72%, to C$0.59. Market capitalization is C$54.7 million.

Crowflight settles stock sale

Crowflight Minerals wrapped a C$11.55 million private placement of equity, according to a press release.

The deal originally priced Jan. 28 for up to C$15 million.

The Toronto-based company sold 72.2 million common shares at C$0.16 each.

Pala Investments Holdings Ltd. bought approximately 21.35 million of the shares for total proceeds of C$3.42 million.

"I think that the funds that we have will give us the working capital we need to make our mine successful," Mark Trevisiol, president and chief executive officer, told Prospect News. "C$11.5 million says a lot as far as people wanting to be part of that process."

And, while Trevisiol noted that there were "always shareholders concerned about dilution...raising money in the public domain is the best way to grow the company and to ensure the company remains debt free."

Proceeds from the transaction will be used to ramp up production at the company's Bucko Lake mine.

Crowflight's stock (Toronto: CML) finished steady at C$0.15. Market capitalization is C$78.9 million.

Etruscan seeks C$10.5 million

Etruscan Resources will raise C$10.5 million via a private placement of equity, the company said in a press release.

The company will issue approximately 28.37 million common shares at C$0.37 per share.

Endeavour Financial has committed to purchasing a minimum of 15.61 million shares for total proceeds of C$5.78 million. Its commitment will help to maintain Endeavour's 55% stake in Etruscan. The company has also agreed to purchase any shares not subscribed for.

"The net proceeds of the offering will be used to initiate and advance exploration programs on the company's properties in West Africa and for general corporate purposes," the release said.

Settlement is expected March 2.

Etruscan's shares (Toronto: EET) improved by half a cent, or 1.37%, to C$0.37. Market capitalization is C$129 million.

Etruscan Resources is a Windsor, N.S.-based gold exploration and development company.

Talisman to raise A$9.5 million

Australiain mineral explorer Talisman Mining is seeking A$9.51 million from a private placement of ordinary shares.

The company will issue approximately 10.57 million of the shares at A$0.90 each.

"The funds raised will be used to strengthen Talisman's working capital position, to enable it to continue to pursue exploration activities including forthcoming drilling programs within its extensive portfolio of copper-gold projects in the Bryah Basin in Western Australia," the company said in a press release. "The funds will also be used to underpin Talisman's broader growth strategy."

Talisman also noted that the deal was "strongly supported by several Australian institutional investors and the company's existing major shareholder, Kerry Harmanis."

Talisman's stock (Australia: TLM) closed at A$1.07.

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