Ventana to get C$20.7 million; Bell Copper plans sale; Jacksonville Bancorp to see $30 million

By Devika Patel

Knoxville, Tenn., May 17 - Monday's private placement news was rather uneventful, as companies began the week with few large deals. However, Ventana Gold Corp. announced plans to sell C$20.7 million of its units to Silver Wheaton Corp., and Bell Copper Corp. said it will raise C$3 million from a private placement of units to conduct a study on its La Balsa property.

Also, after the market closed on Friday, Jacksonville Bancorp, Inc. announced a $30 million placement of stock and said Atlantic BancGroup, Inc. will merge into the Jacksonville, Fla., bank holding company.

Ventana plans C$20.7 million

Mineral explorer Ventana Gold arranged a C$20.7 million private placement of units with Silver Wheaton.

The Vancouver, B.C., company will sell 1.8 million units of one common share and a half-share warrant at C$11.50 apiece. Each whole warrant is exercisable at C$15.00 for one year.

"This agreement not only adds to our treasury at minimal dilution to shareholders; it also provides an opportunity to leverage the potential silver stream from La Bodega as a source of financing for a future mining operation," Ventana's president and chief executive officer, Steve Orr, said in a press release. "We are pleased to welcome Silver Wheaton as a significant shareholder of Ventana."

The company's shares (Toronto: VEN) fell 0.37%, or 4 cents, on Monday to close at C$10.90.

Bell Copper sells C$3 million

Bell Copper plans a C$3 million non-brokered private placement of units, the company said in a Monday press release. It is raising money for current work programs, the La Balsa feasibility study, retiring debt and for general working capital purposes.

The company said earlier this month it has begun the initial phase of its planned feasibility program by initiating drill testing of the copper porphyry target at the La Balsa property in Mexico. Three diamond drill holes will be completed to depths of 600 to 800 meters to test the concept that this target is a large copper porphyry deposit.

In the placement, the company will sell 10 million units of one common share and one warrant at C$0.30 per unit. Each warrant is exercisable at C$0.50 each for one year.

Vancouver, B.C.-based Bell Copper is an exploration-stage company engaged in the acquisition and exploration of prospective base metals properties in North America.

Company shares (TSX Venture: BCU) dropped 6.56%, or 2 cents, closing at C$0.285 on Monday.

Jacksonville Bancorp: $30 million

Jacksonville Bancorp said Friday it plans to raise $30 million by selling 3 million common shares at $10.00 per share. CapGen Capital Group IV LP has committed to invest approximately $19.6 million.

The placement is being conducted in connection with a planned merger in which Atlantic BancGroup will merge into the company. The merger also will consolidate Oceanside Bank into the Jacksonville Bank.

The transactions are expected to settle in the late third quarter.

The Jacksonville Bank's president and chief executive officer, Gilbert J. Pomar, III, and Oceanside Bank's president and chief executive officer, Barry Chandler, jointly announced the agreement.

"The acquisition of Oceanside Bank is consistent with our strategy to expand our presence and way of banking throughout the city," Pomar said in a press release. "The $30 million in new capital will not only give us a powerful balance sheet in a challenging economy, but also the ability to grow and serve new customers as the markets improve. Oceanside is a perfect partner for the future because we share the same values.

"We remain committed to the prudent management of our company, including the prompt recognition of potential losses in our loan portfolio," Pomar continued. "We will continue to focus on our fundamental business which will allow us to excel once these unprecedented times are behind us."

"The joining of our two companies creates a perfect alignment of both culture and strategy; the additional capital not only strengthens the equity position of the combined companies but also provides the opportunity for us to grow and serve new customers in our market," Pomar stated.

Jacksonville Bancorp is the holding company for the Jacksonville Bank. Its shares (Nasdaq: JXSB) were unchanged at $11.52 Monday.

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