Fission Energy raises C$8.62 million; Eurocontrol plans warrant sale; Alanco gets new investor

By Stephanie N. Rotondo

Portland, Ore., April 7 - There were more Canadian PIPE deals than U.S. on Wednesday, and deal sizes were smaller than those seen in the previous sessions.

Fission Energy Corp. announced it had raised more than C$8 million in two private placements, one brokered and one non-brokered. The company sold both stock and units in its financing effort.

Meanwhile, Eurocontrol Technics Inc. said it was seeking up to C$3 million from a private placement of special warrants. The warrants are convertible into equity units.

Alanco Technologies Inc. secured a new investor with its completed private placement of convertible preferred shares. The investment came as the company and investor inked a cooperative development agreement.

And, Cannasat Therapeutics Inc. said it would privately place units in order to raise C$2.25 million. The funding will go toward research and development.

Fission raises C$8 million

Fission Energy wrapped two private placements, according to a press release. The company raised a total of C$8.62 million in the placements.

The company priced the brokered and non-brokered financings on March 9.

In the brokered offering of flow-through shares, Fission sold 2.64 million shares at C$0.95 per share for total proceeds of C$2.5 million. Also, 6.25 million units were issued at C$0.80 each. The proceeds from the unit sale came to C$5 million.

Each unit consisted of one common share and one half-share warrant. Whole warrants are exercisable at C$1.00 for two years.

In the non-brokered offering, the company sold approximately 1.39 million of the units for proceeds of C$1.11 million.

Proceeds will be used for property development, as well as for acquisitions and working capital.

Calls seeking further comment were not returned Wednesday.

Fission's stock (TSX Venture: FIS) gained 1 cent, or 1.35%, to C$0.75. Market capitalization is C$42.9 million.

Fission Energy is a Kelowna, B.C.-based uranium exploration and development company.

Eurocontrol plans warrant sale

Eurocontrol Technics announced a private placement of special warrants for proceeds between C$700,000 and C$3 million.

The Toronto-based company intends to sell the warrants at C$0.30 each. The warrants are convertible into units containing one common share and one half-share warrant. Whole warrants are exercisable for two years at C$0.40 in the first year and at C$0.50 in the second.

Settlement is expected by April 29.

Calls seeking further comment were not returned Wednesday.

Eurocontrol's equity (TSX Venture: EUO) closed unchanged at C$0.32. Market capitalization is C$16 million.

Eurocontrol Technics manufactures devices that monitor and control electrical signals.

Alanco gets new investor

Alanco Technologies, a Scottsdale, Ariz.-based provider of advanced information technology services, took in $2.25 million from a private placement of series E convertible preferred shares.

Orbcomm Inc. was the investor.

Alanco issued 500,000 shares to Orbcomm at $4.50 per share. The shares are convertible into 12 common shares.

The investment came as the parties entered into a product/software development cooperation agreement for Alanco's StarTrak Systems subsidiary to develop, manufacture and market new products featuring dual-mode cellular and Orbcomm satellite communications capabilities, to operate over the global Orbcomm communications networks, according to a press release.

"This strategic partnership with global wireless communications leader Orbcomm Inc. represents a major milestone towards achieving our growth objectives," remarked Robert Kauffman, Alanco's chairman and chief executive officer, in the release. "We welcome Orbcomm as a significant new Alanco shareholder, as their $2.25 million investment significantly enhances our overall financial strength and industry competitive position."

"The new product development program will greatly enhance StarTrak's continuing efforts in providing strong ROI-driven applications to global customers via best-in-class communications networks," added Tim Slifkin, president and founder of StarTrak. "We are positioning our products and services to take advantage of the Orbcomm satellite network's next generation constellation and cost-effectiveness."

Alanco's shares (Nasdaq: ALAN) improved by $0.028, or 11.91%, to $0.263. Market capitalization is $9.47 million.

Cannasat to issue units

Cannasat Therapuetics is planning a C$2.5 million private placement of units, according to a press release.

The units will be sold at C$0.10 each and will consist of one common share and one half-share warrant. Whole warrants are exercisable at C$0.125 for two years.

Proceeds will be used for research and development, for discovering new drug candidates and for working capital.

Calls seeking further comment were not returned Wednesday.

Cannasat's stock (TSX Venture: CTH) was steady at C$0.095. Market capitalization is C$8.52 million.

Cannasat Therapeutics is a Toronto-based research company focused on discovering the therapeutic benefits of cannabis and on the development of cannabis-based pharmaceutical products.

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