Competitive Technologies plans $5 million; Gulf gets £25 million; Nayarit wraps C$10 million sale

By Devika Patel

Knoxville, Tenn., July 25 - Competitive Technologies, Inc. negotiated a $5 million equity financing facility with Fusion Capital Fund II, LLC on July 22, the company reported Friday.

Meanwhile, in the resources sector, Gulf Keystone Petroleum plc said it raised £25.06 million by selling its shares, most of which were bought by insiders.

Additionally, Nayarit Gold Inc. finally concluded a C$10.02 million private placement of units of common shares and warrants. The offering had priced for C$7 million in May and was increased earlier this month due to strong demand for the company's stock.

CTT gets $5 million facility

Competitive Technologies announced a $5 million equity financing facility with Fusion Capital in an 8-K filed Friday with the Securities and Exchange Commission.

Fusion Capital is required to purchase the Fairfield, Conn., company's common shares in amounts between $50,000 and $1 million over two years.

The purchase price of the shares will be based on the prevailing market prices of Competitive Technologies' shares at the time of sale, without any fixed discount, and Competitive Technologies will control the timing and amount of any share sales.

In consideration for this agreement, Fusion received 63,280 common shares as a commitment fee and will receive an additional 42,187 shares as a commitment fee pro rata during the tenor of the facility.

"CTT plans to selectively use this financing commitment to fund targeted marketing and sales development of our technologies with high profit potential, including our pain management technology," Competitive Technologies chairman, president and chief executive officer John B. Nano said in a press release. "The added financial resources provide CTT with greater flexibility to implement our market focused business commercialization.

"We continue to market and build a technology portfolio that exploits the opportunities of the paradigm shift resulting from record high costs of both health care and energy," Nano continued. "CTT is very pleased to again work with Fusion Capital."

The company provides technology transfer, selling and licensing services focused on the technology needs of its customers, matching those requirements with commercially viable technology solutions. Its shares (Amex: CTT) sank 2.49%, or 6 cents, to close at $2.35 on Friday.

Gulf sees £25 million

Gulf Keystone Petroleum, a London-based oil and natural gas exploration company, said it pocketed £25.06 million in a private placement of shares.

The company sold 89,509,488 ordinary shares at 28p per share through agents Tristone Capital Ltd. and RBC Capital Markets. Insiders participated for 10,448,971 of the shares, or £2.93 million.

Proceeds will be used to fund the further exploration and appraisal of the HBH Permit in Algeria and the drilling of an additional well in Kurdistan.

"Gulf Keystone is at the beginning of an exciting stage in its growth," the company's chairman and chief executive officer, Todd Kozel, said in a news release. "We are preparing to drill our first well in Kurdistan where our prospects have real company making potential, and our exploration and appraisal successes on HBH have encouraged us to move quickly toward the development of the HBH gas field in Algeria.

"Our future upside could be significant and I believe this is reflected in the investor response to the placing, and further evidenced in the support of my fellow directors, who joined me in subscribing for new shares," Kozel concluded in the release.

Kozel bought 3,701,114 shares for £1.04 million.

The company's shares (London: GKP) saw a modest rise of 0.88%, or 0.25p, closing at 28.75p on Friday.

Nayarit: C$10 million

Nayarit Gold completed a C$10.02 million private placement of units, which had priced for C$7 million on May 27 and was increased by more than C$3 million earlier this month due to strong demand.

The Toronto-based gold exploration company sold 17.9 million units, lifted from 12.5 million units, at C$0.56 apiece.

Each unit consists of one common share and a warrant. The two-year warrants are exercisable at C$0.75 each.

BMO Capital Markets was the lead agent of a syndicate of agents that also included Evergreen Capital Partners Inc. and GMP Securities LP.

Proceeds will be used to fund the purchase of seven additional mining claims in the Orion Gold-Silver Mining District and for mineral exploration and working capital.

"We believe the company's ability to secure funding in this challenging financial environment is a testament to the quality of the Orion District," Nayarit Gold president and chief executive officer Colin Sutherland said in a news release. "The company is now well-positioned to deliver on its objectives of completing a resource calculation and scoping study in 2009."

Its shares (TSX Venture: NYG) jumped 8.33% on Friday, or 5 cents, to close at C$0.65.

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