Dominion wraps $10.05 million; PetroLatina sells $25 million; Stetson to get C$25 million

By Devika Patel

Knoxville, Tenn., July 14 - Dominion Minerals Corp. said it raised $10.05 million by selling its units, PetroLatina Energy plc sold $25 million of convertible secured loan notes and ordinary shares to Tribecapital Partners SA and Stetson Oil & Gas Ltd. priced a C$25 million sale of subscription receipts which the company hopes will help it acquire the oil and gas mineral rights on Native American land in North Dakota.

Dominion raises $10.05 million

Dominion Minerals said it took in $10.05 million by selling 21.84 million of units, priced at $0.46 apiece.

The units consist of a common share and a half-share warrant. Each whole warrant is exercisable at $0.46. Investors also received 3,283,000 warrants, exercisable at $0.50, for a total of 14,203,000 whole warrants.

The maturity date of the first series of warrants is 23 calendar days following the publication of a second independent resource statement for the company's Cerro Chorcha copper project to National Instrument 43-101 standard following this transaction. The second series of warrants are exercisable for six months after the first series of warrants have been fully exercised.

Proceeds will be used for the development of the New York-based company's Cerro Chorcha Porphyry Copper deposit, for debt repayment, working capital and general corporate purposes.

"This is a major milestone for Dominion Minerals," the company's chairman and chief executive officer, Pini Althaus, said in a press release. "We are pleased to have completed this successful capital raising; a testimony to the unique characteristics of Cerro Chorcha and the Dominion Minerals team.

"The proceeds from this capital raising will allows us to continue our on-going drilling program and over the coming weeks, we intend to finalize the development plans for the 2008/09 drilling campaign together with our joint venture partner, Bellhaven Copper & Gold Inc. We welcome our new investors to Dominion Minerals and look forward to the next phase of substantial value creation for all our shareholders," Althaus continued in the release.

Dominion Minerals acquires, explores, develops and operates mineral and natural resource properties and prospects. Its Cerro Chorcha deposit is the third largest known copper deposit in Panama.

The company's shares (Pink Sheets: DMNM) remained unchanged to close at $0.35 on Monday.

PetroLatina pockets $25 million

PetroLatina said in a press release that it raised $25 million by selling its ordinary shares and convertible loan notes to Tribecapital.

Tribecapital bought $10 million of the oil and gas company's convertible loan notes and 9,470,919 of its ordinary shares at about $1.58 apiece for $15 million.

The notes were converted Monday into 5,890,080 ordinary shares at a conversion price of £0.86 per ordinary share.

Tribecapital also received 1,875,260 warrants which are automatically exercisable, for no additional consideration, into 1,875,260 ordinary shares.

"The significant investment by Tribeca secures the future of the Company and provides essential funding for the planned program of exploration and appraisal wells," PetroLatina's executive chairman Greg Smith said in the release.

The London-based company's shares (London: PELE) dropped 1.92%, or 1p, to close at 51p on Monday.

Stetson plans C$25 million

Stetson Oil & Gas arranged to sell 45,454,600 subscription receipts at C$0.55 apiece for C$25 million in a deal designed to help the company lease the oil and gas mineral rights on approximately 8,570 acres of land on the Fort Berthold Reservation in North Dakota.

The company hopes to obtain signed approval from the Bureau of Indian Affairs (U.S.A.) for these rights, and the placement is conditional upon Stetson obtaining those rights. If it does, the receipts will automatically convert into common shares.

If, however, the Bureau of Indian Affairs declines the company's bid, the company will either return the proceeds to the investors or, at the investor's option, exchange the receipts for common shares.

The company announced its bid to obtain these rights in a July 11 press release, which stated that the "lands are located approximately 25 miles south of the Parshall Bakken field, which has the highest reported initial production rates (of light oil) from horizontal wells drilled into the Bakken formation within the Williston Basin"

The company "considers the Tribal Lands and the leased Freehold lands to be prospective for development of light oil and solution gas from the Bakken formation," according to the July 11 release.

Stetson hopes to "have a minimum 70% working interest up to a maximum 90% working interest, depending on the level of participation from a partner in this prospect," according to the release.

The Calgary, Alta.-based oil and gas company's shares (TSX Venture: SSN) were unchanged Monday, closing at C$0.60.

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