Premier Gold raises C$18 million; ANTs, Fletcher amend deal; Intertainment obtains equity line

By Stephanie N. Rotondo

Portland, Ore., July 15 - Premier Gold Mines Ltd. settled a previously announced private placement of stock, the company announced Thursday.

The company issued flow-through common stock in the deal, raising C$18 million. The raised funds included a fully exercised greenshoe.

Elsewhere, ANTs Software Inc. and investor Fletcher International Ltd. amended the terms of a previously inked financing agreement. The new terms allow for more funds to be raised and at a higher than expected price per share.

Intertainment Media Inc. meantime said it had secured a C$5 million credit line from an investor. The company intends to use the proceeds to develop and enhance its product lines.

And, BacTech Mining Corp. said it wanted to raise C$2 million via a private placement of units. A substantial majority of the funds have already been committed.

Premier raises C$18 million

Premier Gold Mines, a Thunder Bay, Ont.-based resource exploration company, completed a bought-deal private placement of equity, pocketing C$18 million.

The deal originally priced at C$12 million with a C$6 million greenshoe on June 21.

Premier issued 3 million flow-through common shares at C$6.00 per share. Of the shares sold, 1 million were part of the fully exercised greenshoe.

Proceeds will be used for exploration and development at its Canadian mineral projects.

The company did not return calls seeking comment on Thursday.

Premier's stock (Toronto: PG) gained 4 cents, or 0.85%, to C$4.77. Market capitalization is C$470.95 million.

ANTs, Fletcher amend deal

ANTs Software said it revised the terms of a previously inked financing agreement with Fletcher International Ltd. to allow for an additional $2 million investment.

The company had previously arranged a $10 million private placement of equity with the investor on March 12.

Originally, the agreement allowed ANTs to sell common stock to Fletcher at a price of $1.00 per share. At that time, the company raised $2 million.

Under the amended agreement, Fletcher will purchase $2 million worth of shares at $1.25 per share, which is a 25% premium over the closing price of ANTs' common stock on Wednesday, according to a press release.

Fletcher can also buy another $1 million of shares at $1.25 per share and another $5 million at $1.50 per share.

The investor also received warrants equal to up to $10 million. The warrants are exercisable at $0.903 for nine years. The strike price represents a 1.88% discount to the March 12 closing share price of $0.92.

Proceeds will be used to develop the company's database migration solutions, as well as to execute go-to-market strategy and for working capital.

ANTs' shares (OTCBB: ANTS) improved by 2 cents, or 2.0%, to $1.02. Market capitalization is $111.52 million.

ANTs Software is a Burlingame, Calif.-based developer of database management systems.

Intertainment secures credit line

Intertainment Media negotiated a C$5 million equity line of credit with GEM Global Yield Fund Ltd., the company said in a press release.

Intertainment will sell shares to the investor at a 10% discount to the average closing price of the stock for the 15 trading days preceding the draw.

The investor will also receive 7.5 million warrants. The warrants are exercisable at C$0.20 for three years. The strike price represents a 42.86% premium to the July 14 closing share price of C$0.14.

Proceeds will be used to enhance existing product lines and to develop new products. The funds could also be used for working capital.

Intertainment's equity (TSX Venture: INT) inched up half a cent, 3.57%, to C$0.145. Market capitalization is C$16.53 million.

Intertainment Media is a Toronto-based conventional and new media company.

BacTech plans C$2 million deal

BacTech Mining is seeking C$2 million via a private placement of units.

The company has already received commitments for about C$1.8 million, according to a press release. Yamana Gold Inc. has subscribed for C$1 million, while Baker Steel Resources Trust intends to invest up to C$500,000.

BacTech will sell approximately 26.67 million units at C$0.075 each. The units will hold one common share and one warrant.

The warrants are exercisable at C$0.105 for three years. The strike price represents a 75% premium over the July 14 closing share price of C$0.06.

BacTech's stock (TSX Venture: BM) ended steady at C$0.06. Market capitalization is C$5.36 million.

Bactech Mining is a Toronto-based manufacturer of patented bacterial oxidation technology for the treatment of refractory ores and concentrates to enhance the recovery of gold, silver and base metals.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.