ROC Oil aims for A$68.8 million; Silver Swan plans equity deal; Supercart to sell £1.5 million

By Stephanie N. Rotondo

Portland, Ore., June 26 - Friday's private placement arena saw several overseas issuers coming to market, including a A$68.8 million deal from ROC Oil Co. Ltd.

The company plans to use proceeds of the underwritten equity placement to grow its business.

Also, Silver Swan Group Ltd. is planning a stock sale to raise A$7.06 million. The two-tranche deal will help the company complete its exploration objectives.

Shopping cart maker Supercart plc plans to raise £1.5 million via an ordinary share private placement. Funds will be used to help the company move into the North American market.

Of completed transactions, Clavis Pharma ASA raised NOK 129 million. Proceeds will be used to further the company's drug product lines.

Bauxite Resources Ltd. also wrapped an equity deal. The company took in nearly A$10 million.

ROC aims for A$68.8 million

ROC Oil is aiming to raise A$68.8 million via a private placement of equity, according to a press release.

Under terms of the underwritten deal, the Sydney-based company will issue approximately 88 million common shares at A$0.78 per share.

"ROC is pleased with the response to the placement from existing and new institutional shareholders," said Bruce Clement, chief executive officer, in the release. "The equity capital raising will strengthen ROC's financial position, providing the company with the capacity to move its key development projects forward and to be in a position to commit to investments in the BMG Phase 2 Gas and Beibu Gulf Oil Projects. In conjunction with ROC's operating cash flow, we will be well positioned to exploit existing reserves and resources to grow the business."

Settlement is expected by July 2.

ROC's stock (Australia: ROC) closed at A$0.90.

Silver Swan plans equity deal

Mineral exploration company Silver Swan will take in A$7.06 million in a private placement of equity, the company announced.

The West Perth, Australia-based company will issue two tranches of stock, with each share selling at A$0.33. The first tranche of 6.25 million shares will settle immediately and will be sold to a single investor. A second tranche of approximately 15.15 million shares will be sold once shareholder approval is secured.

"I am delighted with the support the company has received during the capital raising process which is a strong endorsement of the company's exploration methodology and success to date," said Susan Vearncombe, managing director, in a press release. "The funds raised will allow the company to significantly progress its exploration objectives."

"The capital raising provides Silver Swan with the financial resources to continue to fund its successful exploration program on its Meekatharra tenements," the release stated. "The company plans to immediately follow up a significant discovery at its Austin project, where the latest diamond drilling has produced substantial new copper and zinc intersections, with further drilling."

Silver Swan's stock (Australia: SWN) closed at A$0.425.

Supercart to take in £1.5 million

Supercart, a manufacturer of shopping carts, arranged a £1.5 million placement of ordinary stock.

The company plans to sell 15 million shares at 10p per share.

"We are delighted to announce the proposed placing and subscription which will give us the necessary working capital headroom to help us realize the potential of our innovative product set," said Mike Wolfe, CEO, in a statement. "Together with the Rehrig acquisition we believe the proposed placing and subscription will be a transformational step in our efforts to grow Supercart and allow us to exploit the lucrative North American market.

"We appreciate the support of both our existing and new investors and look forward to driving the business forward in order to grow shareholder value," Wolfe added.

Supercart's shares (London: SC) ended at 13.9p.

Supercart is based in Sevenoaks, England.

Clavis raises funds for growth

Oslo, Norway-based Clavis Pharma said it settled a NOK 129 million private placement of ordinary shares.

The company sold 10.75 million of its shares at NOK 12.00 per share.

"I am delighted we have been able to secure this additional funding from a wide range of existing and new investors in the present financial environment," stated Geir Christian Melen, CEO, in a press release. "The successful completion of the private placement is an important milestone for us and demonstrates investors' confidence in our unique pipeline of drugs under development.

"We recently announced excellent survival data for our lead development product elacytarabine in late-stage acute myeloid leukemia," he continued. "The new funds will be invested in a Phase II/III registration trial for elacytarabine in this patient population. Another key trial for us is a controlled Phase II trial for Intravenous CP-4126, our second product, in pancreatic cancer. We aim to complete this trial and other ongoing clinical trials and continue to progress our exciting pipeline closer to commercialization."

Bauxite wraps stock sale

Among other completed deals, Bauxite Resources said it raised A$9.85 million through an equity private placement.

The company sold 19.7 million ordinary shares at A$0.50 per share. The price represents a premium to Bauxite's closing price as of June 25.

"The cash injection will allow BRL to aggressively pursue its bauxite exploration program as well as its Stage 1 Direct Shipping Ore operation, which the company intends to commence with a trial shipment in the September quarter," the company said in a press release.

Bauxite's shares (Australia: BAU) finished at A$0.445.

Bauxite Resources is an East Perth, Australia-based bauxite deposit exploration company.

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