Victoria closes sale; Mission wraps strategic Carpenter deal; Northern Continental plans flow-through units

By Kenneth Lim

Boston, Dec. 3 - Victoria Petroleum NL wrapped a A$6.72 million private stock placement to fund exploration and development projects.

Mission Community Bancorp placed a final $3.85 million of stock with a specialty fund, completing the investor's first investment in the bank.

Northern Continental Resources Inc. plans to raise C$1 million through a flow-through fundraiser for exploration purposes.

Victoria Petroleum settles deal

Victoria Petroleum raised A$6.72 million through a private placement of its common stock.

The company sold 48 million shares at A$0.14 per share. Victoria Petroleum common stock (ASX: VPE) rose 10.34% or A$0.015 to close at A$0.16 on Wednesday.

Victoria Petroleum has a market capitalization of A$54.24 million.

Proceeds will be used for accelerated exploration and development of coal seam gas resources in the Surat Basin, Queensland, the ongoing development of the Company's Cooper Basin oil interests and to provide general working capital.

Victoria Petroleum is a Perth, Australia-based oil and gas company.

Mission completes Carpenter deal

Mission Community Bancorp completed a $3.85 million stock placement with Carpenter Community BancFund-A, LP on Dec. 2.

The deal was the second tranche of a $5.8 million investment by Carpenter, and comprised 225,026 shares at $17.10 apiece. The initial tranche consisted of 108,308 shares at $18 per share on Feb. 15, 2008.

Mission Community Bancorp common stock (OTCBB: MISS) closed unchanged at $11.05 on Wednesday. The company has a market capitalization of $12.39 million.

Carpenter Community BancFund is controlled by Carpenter & Co., a California-based investment banking and consulting firm that specializes in bank development.

As part of the deal, Carpenter nominee Howard Gould will be appointed to the board of Mission Community Bancorp's board of directors.

San Luis Obispo, Calif.-based Mission Community Bancorp is a full-service bank providing loan and deposit products.

The equity investment was intended to help Mission Community Bancorp grow its regional business and improve its services that are targeted at the Hispanic community.

"The fund's capital and strategic counsel will assist us in the growth of Mission Community Bank's business banking in our current markets of San Luis Obispo and Northern Santa Barbara counties, and beyond," Mission Community Bancorp president and chief executive Anita Robinson said in a statement issued when the deals were first announced. "This infusion of funds will also enable us to enhance our services aimed at our region's rapidly growing Hispanic community."

Northern Continental to sell units

Northern Continental plans to sell C$1 million of stock and warrant units in a non-brokered private placement.

The deal comprises 10 million units at C$0.10 apiece. Each unit consists of one flow-through common share and one half-share warrant, with each whole two-year warrant exercisable at C$0.15.

Northern Continental common stock (TSX: NCR) closed at C$0.07 on Wednesday, lower by 17.65% or C$0.015. The company has a market capitalization of C$3.62 million.

Proceeds will be used for exploration.

Northern Continental is a mineral exploration company based in Vancouver, B.C.

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