Bryn Mawr Bank announces $26.32 million direct placement; Glass Earth Gold wraps first tranche

By Stephanie N. Rotondo

Portland, Ore., May 14 - The PIPE market started to shut down on Friday as few new deals were seen entering the marketplace.

Bryn Mawr Bank Corp. had the day's largest deal, a registered direct offering of equity valued at more than $26 million. A company spokesperson was enthusiastic about the deal, which has attracted the attention of at least 10 institutional investors.

Meanwhile, Glass Earth Gold Ltd. wrapped the first tranche of a C$3 million private placement of units, taking in over half of that amount. The company intends to use the funding for drilling activities.

Bryn Mawr announces placement

Bryn Mawr Bank brought a $26.32 million registered direct offering of stock to market.

The company is selling approximately 1.55 million common shares at $17.00 per share.

Ted Peters, president and chairman of the Bryn Mawr, Pa.-based holding company, told Prospect News that the company was "very excited about it, it went very well."

According to Peters, the company has already lined up about 10 institutional investors.

"Quite frankly, that these quality institutions picked up our stock makes us feel very good."

He also noted that the price per share was an 8% discount to the 30-day average price of the company's stock.

"That's very good," he enthused.

Peters said that Bryn Mawr chose to use the private placement market over the public market for a few reasons, particularly because "expense-wise, it was less expensive to do it."

But he also said that the company "didn't need a huge amount of money. If we needed more, we would have done a public offering."

The new funding "gives us plenty of capital to do what we want to do," he added. The company is in the process of acquiring another bank, First Keystone Bank, he said.

The funds will also be used for internal growth, Peters said, noting that the company had recently picked up a money management firm.

In the end, "we raised exactly what we wanted to raise, so we are very excited about it."

Bryn Mawr's stock (Nasdaq: BMTC) fell 86 cents, or 4.34%, to $18.95. Market capitalization is $169 million.

Glass Earth wraps tranche

Glass Earth, a Toronto-based gold exploration company, settled the first tranche of its previously announced C$3 million private placement of units.

The company took in C$1.73 million in the first closing. The deal priced April 30.

Glass Earth is selling 15 million units at C$0.20 each on a non-brokered basis. The units will hold one common share and one warrant, which is exercisable at C$0.35 for two years.

Approximately 8.67 million units were issued in the first tranche.

Proceeds will be used for drilling activities at four drill-ready targets in New Zealand as well as for general corporate purposes.

Glass Earth's equity (TSX Venture: GEL) gained 2 cents, or 6.98%, to close at C$0.23. Market capitalization is C$33.3 million.

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