Crosshair secures units placement; Amex Exploration wraps tranche; Biomoda pockets $1 million

By Stephanie N. Rotondo

Portland, Ore., March 19 - Financings around the $1 million mark were rather popular in Friday's PIPE market, which also continued to be dominated by Canadian resource companies.

Crosshair Exploration & Mining Corp. announced it had agreed to privately sell flow-through units to a single investor. The company deemed the transaction "an important milestone in the growth of Crosshair."

Meanwhile, Amex Exploration Inc. said it settled the first tranche of its C$1.5 million private placement of units. The company raised just over C$1 million.

Biomoda Inc. also raised $1 million from a private placement. The company sold stock to raise the funds and investors have the right to invest another $1 million.

Also, North Arrow Minerals Inc. brought a C$1 million private placement of units to market. The funds are intended to go toward a planned drilling program.

Crosshair plans unit sale

Crosshair Exploration intends to raise C$1.54 million via a private placement of units, according to a press release.

MineralFields Group is the investor.

The company will issue approximately 6.82 million units in the non-brokered placement. Each unit - sold at C$0.22 apiece - will consist of one flow-through common share and one half-share warrant. Whole warrants are exercisable at C$0.35 in the first year and at C$0.40 in the second.

"The funds raised from the flow-through private placement will be used by Crosshair for exploration expenditures on its bulk sampling program at the Golden Promise Gold Project and phase II of its Central Mineral Belt Vanadium Resource upgrade," the company said in the release.

"We are very pleased to be commencing a relationship with MineralFields Group," added Stewart Wallis, president and chief executive officer. "This is an important milestone in the growth of Crosshair and we look forward to working with MineralFields Group as we develop our holdings in Newfoundland and Labrador."

Crosshair's shares (Toronto: CXX) dropped 1 cent, or 4.76%, to C$0.20. Market capitalization is C$26.2 million.

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

Amex wraps first tranche

Amex Exploration, a Laval, Quebec-based mineral mining company, took in C$1.08 million in the first tranche of its previously announced private placement of units.

The deal priced at C$1.5 million.

The company is selling units in the non-brokered placement at C$0.25 each. The units will hold one common share and one warrant. The warrants are exercisable at C$0.35 in the first year and at C$0.45 in the second.

A total of 4.33 million units were issued in the first tranche.

Proceeds will be used for work at the company's newly acquired Mexico properties, as well as for meeting short term operating working capital requirements.

Amex's equity (TSX Venture: AMX) fell half a cent, or 1.69%, to C$0.29. Market capitalization is C$3.18 million.

Biomoda pockets $1 million

Biomoda raised $1 million from a private placement of common shares, according to a regulatory filing.

The deal originally priced for up to $2 million on March 17.

Biomoda sold approximately 6.25 million common shares at $0.16 per share. Investors also received series I warrants for another 6.25 million shares, series II warrants for 3.75 million shares and series III warrants for 6.25 million shares. The series I and II warrants are exercisable for five years, at $0.25 and $0.01, respectively. The series II warrants are exercisable at $0.16 for 60 days.

"Proceeds from this financing will allow us to continue our clinical trials, submit our findings to the FDA for clearance as a class III medical device and begin commercialization of a breakthrough technology for the early detection of cancer," John Cousins, president and CEO, said in a press release issued March 17.

Biomoda's stock (OTCBB: BMOD) slipped a penny, or 4.76%, to $0.20. Market capitalization is $16.2 million.

Biomoda is an Albuquerque, N.M.-based cancer diagnostics company.

North Arrow to raise C$1 million

North Arrow Minerals negotiated a C$1 million private placement of units, the company said in a press release.

The Vancouver, B.C.-based company will sell 5.56 million units at C$0.18 per unit in the non-brokered placement. The units will contain one common share and one half-share warrant. Whole warrants are exercisable at C$0.30 for one year.

The financing came about as North Arrow "is currently making plans for a spring drilling program to evaluate the remaining untested pegmatite dikes" at its Beaverdam project in North Carolina, according to a press release.

North Arrow's shares (TSX Venture: NAR) gained half a cent, or 2.94%, to C$0.175. Market capitalization is C$6.78 million.

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