Sable Mining pockets £81.21 million; PanWestern settles warrant sale; Aeterna brings offering

By Stephanie N. Rotondo

Portland, Ore., April 16 - As the week came to a close, mining and energy companies came back to dominate the PIPE market.

Sable Mining Africa Ltd. said it had completed its private placement of equity, raising £81.21 million. The proceeds will be used for drilling and exploration work.

PanWestern Energy Inc. also settled a deal, taking in just over C$24 million. The funds raised in the upsized placement will be used for the company's 2010 drill program.

In new deals, Aeterna Zentaris Inc. announced a registered direct offering of units. The company hopes to raise $15 million from the financing.

And, Northern Tiger Resources Inc. said it was seeking C$2.5 million from a private placement of stock and units.

Sable pockets £81.21 million

Sable Mining Africa, a Tortola, British Virgin Islands-based resource investment company, took in £81.21 million from a private placement of ordinary shares.

The company sold approximately 290.02 million of the shares at 28p each.

"The funds raised, which provide the company with a cash position in excess of $160 million, will be used to progress rapidly the company's coal interests in South Africa, held through its interest in Delta Mining Consolidated Ltd. and to acquire, advance and develop further assets in coal and iron ore which meet the investment criteria of the company," Sable said in a press release.

"The board is currently evaluating a number of opportunities in sub-Saharan Africa to expand the portfolio base of the company and build shareholder value."

Sable's stock (London: SBLM) closed at 36p. Market capitalization is £231 million.

PanWestern settles warrant sale

PanWestern Energy wrapped a C$24.02 million private placement of special warrants, according to a press release.

The deal priced at C$15 million on March 25 and was increased to C$24 million on March 26.

The Calgary, Alta.-based company sold 51.1 million special warrants at C$0.47 per warrant. The warrants are convertible into common shares.

Proceeds will be used to fund PanWestern's 2010 drill program, as well as for general corporate purposes.

Calls seeking further comment were not returned Friday.

PanWestern's shares (TSX Venture: PW) gained 1 cent to C$0.58. Market capitalization is C$26.6 million.

Aeterna brings direct offering

Aeterna Zentaris announced a $15 million registered direct offering of units.

The company intends to sell approximately 11.11 million of the units at $1.35 each. The units will hold one common share and one 0.40 warrant. Each whole warrant is exercisable at $1.50 for 5.5 years.

"Proceeds from the transaction will be used for general corporate purposes, including clinical development, capital expenditures and for working capital," the company said in a press release. Settlement is expected by April 20.

Aeterna's stock (Nasdaq: AEZS) fell 40 cents, or 24.24%, to $1.25. Market capitalization is $82.3 million.

Aeterna Zentaris is a Quebec City, Quebec-based biopharmaceutical company focused on endocrine therapy and oncology.

Northern Tiger to sell stock, units

Northern Tiger Resources plans to sell equity units and stock in an effort to raise C$2.5 million.

The company will sell the units at C$0.20 each, with each unit containing one class A common share and one half-share warrant. Whole warrants are exercisable at C$0.30 for 18 months.

The company will also sell flow-through class A shares at C$0.25 each.

"We have already had a very strong response, so I expect the deal will settle fairly quickly," said Greg Hayes, president and chief executive officer, in an interview with Prospect News. "I am planning for late next week, but sometimes the paperwork can drag it out a little longer than one hopes."

When asked why the company elected to do the financing at this time, Hayes remarked that "the Yukon's exploration season is looming, so we need to have the cash in the bank to make firm commitments to our major suppliers. It is going to be a very busy exploration season in the area, but fortunately we have a long history up in the Yukon, and have generally not had any trouble sourcing the people and services we need.

"We intend to use the funds primarily for exploration of our existing properties," he continued. "We hope for some significant advances on Sonora Gulch, our Minto-style targets and our new 3Ace property this summer."

Northern Tiger's equity (TSX Venture: NTR) improved by 2 cents, or 4.76%, to C$0.22. Market capitalization is C$9.92 million.

Northern Tiger Resources is a Calgary, Alta.-based resource exploration company.

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