Bellatrix seals C$20 million; Edgewater Exploration amends terms; Eurocontrol deal downsized

By Stephanie N. Rotondo

Portland, Ore., Aug. 12 - Bellatrix Exploration Ltd. wrapped a private placement of stock on Thursday, raising over C$20 million.

The company will use the proceeds for exploration efforts.

Meanwhile, Edgewater Exploration Ltd. said it had amended the terms of a previously announced private placement of subscription receipts. A greenshoe was added, for one, and a company spokesperson said other changes were a way to "sweeten the deal."

Eurocontrol Technics Inc. also revised a previously announced private placement. The company had originally intended to raise C$3 million, but elected to downsize the deal to C$2 million.

Bellatrix seals over C$20 million

Bellatrix Exploration took in C$20.02 million via a private placement of flow-through common stock, according to a press release.

The deal originally priced July 21.

The Calgary, Alta.-based company issued 4.71 million of the shares at C$4.25 per share.

Proceeds of the offering will be used to accelerate the company's Cardium light oil exploration program.

The company did not return calls seeking comment on Thursday.

Bellatrix's stock (Toronto: BXE) dipped 9 cents, or 2.54%, to C$3.45. Market capitalization is C$319.07 million.

Edgewater amends placement terms

Edgewater Exploration revised the terms of its previously announced private placement of subscription receipts, according to a press release.

The deal originally priced Aug. 9. There is a C$5 million greenshoe.

The company first intended to sell approximately 9.09 million of the receipts at C$1.10 each. Now, Edgewater will issue 10 million receipts at C$1.00 each.

Also, the receipts were to convert into one common share, but now will convert into one unit.

The units hold one common share and one half-share warrant. Whole warrants are exercisable at C$1.40 for three years, reflecting an 18.64% premium over the Aug 6 closing share price of C$1.18.

According to Ryan King, vice president of Edgewater, the company elected to revise the terms given current market conditions.

"It's summer, it's difficult to get financings done," he said. Additionally, "we just had a couple bad days in the market," he said, referring to the recent market dip in which gold prices fell. "We just wanted to get this done. We didn't want it to drag on."

The new terms "sweeten the deal a little bit," he added.

Before the terms were changed, however, King said the book-build process was "doing pretty well."

Proceeds will be used, in part, to fund a planned acquisition and to explore the new assets, as well as already-owned properties.

Settlement is expected by Aug. 31.

Edgewater's shares (TSX Venture: EDW) slipped a cent, or 0.91%, to C$1.09. Market capitalization is C$29 million.

Edgewater Exploration is a Vancouver, B.C.-based mineral exploration company.

Eurocontrol deal downsized

Eurocontrol Technics, a Toronto-based manufacturer of devices to monitor and control electrical signals, said it had decreased the size of a previously announced private placement of units.

The deal originally priced for C$3 million on July 28. The company now intends to raise C$2 million.

The units will be sold at C$0.15 each and will contain one common share and one warrant.

The warrants are exercisable at C$0.20 for two years. The strike price represents a 33.33% premium over the July 27 closing share price of C$0.15.

Proceeds will be used for working capital.

The company did not return calls seeking comment on Thursday.

Eurocontrol's equity (TSX Venture: EUO) was unchanged at C$0.15. Market capitalization is C$7.5 million.

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