Omeros secures $40 million equity line; Kaminak deal oversubscribed; Gale Force to sell units

By Stephanie N. Rotondo

Portland, Ore., July 29 - Omeros Corp. announced on Thursday that it had secured a $40 million committed equity facility.

Azimuth Opportunity Ltd. is the investor in the deal and the company will use the facility, at its discretion, to "pursue strategic opportunities."

Meanwhile, Kaminak Gold Corp. said it had completed a private placement of flow-through and common shares. The deal had originally priced at C$10 million, but the company ended up pocketing well over that amount.

And, Gale Force Petroleum Inc. brought a private placement of units to market. The company is hoping to raise between C$1 million and C$3 million, which it will use for potential acquisitions and development.

Vantex Resources Ltd. meantime said it had wrapped a private placement of units. The company raised C$2.04 million in the financing, which it intends to use, in part, to develop the Galloway-Pitchvein area.

Omeros secures equity facility

Omeros, a Seattle-based biopharmaceutical company, inked a deal with Azimuth Opportunity Ltd., in which the investor will provide a $40 million two-year committed equity financing facility.

Omeros will sell common stock to Azimuth at a pre-negotiated discount, according to a press release.

The company cannot sell more than 4.29 million shares in connection with the facility.

"We are pleased to partner with Azimuth," stated Gregory A. Demopulos, M.D., chairman and chief executive officer of Omeros, in the release. "This financing vehicle provides flexibility and potentially strengthens our position as we pursue strategic opportunities."

The company did not return calls seeking comment on Thursday.

Omeros' equity (Nasdaq: OMER) fell a penny, or 0.14%, to $7.37. Market capitalization is $157.69 million.

Kaminak deal oversubscribed

Kaminak Gold settled a previously announced private placement of stock, raising C$14.5 million.

The deal was significantly oversubscribed, as it originally priced for C$10 million on July 12.

The company sold approximately 3.82 million flow-through shares at C$1.70 per share. Kaminak also issued approximately 5.34 million common shares at C$1.50 each.

The price per common share represented an 11.24% discount to the July 12 closing share price of C$1.69.

"We're pretty happy," said Tony Reda, vice president of corporate development, in an interview with Prospect News. "It's always a good thing when there is a lot of confidence in our stock and in the property."

Reda said the bulk of the proceeds would be used for exploration activities at the Coffee project, located in the White District of the Yukon Territory. The company intends to drill in eight zones this year, two of which have already yielded a "major gold discovery."

Reda also said that the funds would be "more than enough to get through this year and carry into next year."

He said the company is expecting to spend just C$7 million on its exploration program.

Kaminak's stock (TSX Venture: KAM) dipped 2 cents, or 1.21%, to C$1.63. Market capitalization is C$78.68 million.

Kaminak Gold is a Vancouver, B.C.-based gold, uranium and nickel exploration company.

Gale Force aims for C$3 million

Gale Force Petroleum is seeking up to C$3 million via a private placement of units, according to a press release.

The units will be sold at C$0.30 each and will hold one common share and one half-share warrant.

Whole warrants are exercisable at C$0.50 for 18 months. The strike price represents a 25% premium over the July 28 closing share price of C$0.40.

Proceeds will be used for acquisitions and development. The company did not return calls seeking comment on Thursday.

Gale Force's shares (TSX Venture: GFP) were unchanged at C$0.40. Market capitalization is C$6.14 million.

Gale Force Petroleum is a Montreal-based oil company.

Vantex seals C$2.04 million

Vantex Resources completed a previously announced private placement of units, pocketing C$2.04 million.

The deal originally priced at C$1.7 million on July 21 and was increased to C$2.1 million on July 26.

The La Prairie, Quebec-based company issued 2,045 of the units at C$1,000 per unit. Each unit contained 8,000 flow-through common shares, 2,000 common shares and 5,000 warrants.

The warrants are exercisable at C$0.15 for one year. The strike price is 15.38% premium over the July 20 closing share price of C$0.13.

Proceeds will be used for working capital and for exploration. Specifically, the company is looking to develop the Galloway-Pitchvein area.

Vantex's stock (TSX Venture: VAX) inched up half a cent, or 3.7%, to C$0.14. Market capitalization is C$2.34 million.

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