Davie negotiates C$20 million stock placement; Blackline to issue units; Akeena offers warrants

By Stephanie N. Rotondo

Portland, Ore., April 21 - Davie Yards Inc. is planning to raise C$20 million via a private placement of shares, according to a press release published Tuesday.

The financing is part of a larger restructuring effort the company has undertaken, as it struggles with a weak liquidity position.

Meanwhile, Blackline GPS Corp. is looking to raise C$8 million. The maker of global positioning units will raise the funds by issuing units.

Akeena Solar Inc. will issue new warrants in its financing quest. The direct offering is being done in consideration for investors' agreement to exercise warrants issued in a March 3 transaction.

Bronco Energy Ltd. will issue convertible debentures in a private placement, the company said. The company expects to bring in C$15 million.

Vyke Communications plc closed a £3.06 million stock placement. More than 12 million new shares were issued under the deal.

Davie negotiates stock placement

Levis, Quebec-based Davie Yards negotiated a C$20 million private placement of shares, according to a press release.

The offshore rig manufacturer plans to sell approximately 194.2 million common shares at C$0.10 per share.

The company said that a majority of its directors believe that the company is "in serious financial difficulty due to inadequate liquidity resulting from withheld contract payments and their belief that the offering together with the other elements of the financial restructuring, will considerably improve the corporation's financial situation, the board believes that the offering is reasonable in the circumstances," according to the release.

The release also stated that the offering was part of a larger restructuring effort.

Davie's equity (Toronto: DAV) gained C$0.005, or 3.33%, to C$0.155.

Blackline plans unit sale

Blackline GPS arranged a C$8 million private placement of common share units, the company announced.

The company will issue 40 million units containing one common share and one half-share warrant. The units will sell at C$0.20 and each two-year whole warrant is exercisable at C$0.40.

Proceeds will be used for general working capital. Settlement is expected by May 27.

Blackline's stock (TSX Venture: BLN) fell 3 cents, or 12.5%, to C$0.21.

Blackline GPS is a Calgary-based designer and manufacturer of global positioning systems.

Akeena to offer warrants

Akeena Solar is planning a direct offering of warrants, according to a regulatory filing.

The company said it would issue 1.275 million of its series G warrants. The warrants are immediately exercisable on closing at a strike price of $1.12.

Akeena said the deal is being offered in consideration for investors who exercised certain warrants issued in connection with a March 3 private placement. Originally, those warrants had a 67-trading-day term.

According to the newly amended terms, investors agreed to exercise 425,000 of the original warrants, resulting in proceeds of $476,000. The timeline on the remaining warrants was extended to Aug. 10, 2009.

Akeena's stock (Nasdaq: AKNS) moved up 3 cents, to 2.73%, to $1.13. The company will release its quarterly report on April 29 and will hold a conference call that day at 2 p.m. ET.

Akeena Solar is a Los Gatos, Calif.-based designer of solar-power systems.

Bronco to raise C$15 million

Bronco Energy will raise C$15 million via a placement of 6% secured convertible debentures, according to a press release.

The notes due April 30, 2012 are convertible into common stock at an initial strike price of C$0.50. The converts are not redeemable before maturity.

Additionally, investors will receive 1,000 warrant per C$1,000 of notes. Each warrant is exercisable at C$0.57 and expires April 30, 2014.

RBC Capital Markets is acting as placement agent and also has a C$5 million greenshoe.

"We are pleased with our production over the last three months and to-date in April," said Peter Pelensky, chief executive officer of Bronco, in a statement. "This offering will fund our 2009 capex plan to bring on production from the last 10 of our 68 wells. The infrastructure is substantially in place and capex of approximately $4.6 million will further optimize production and upgrade the battery to reduce operating costs further."

Bronco's equity (Toronto: BCF) slipped 3 cents, or 5.66%, to C$0.50.

Bronco is a Calgary-based energy company.

Vyke wraps deal

Vyke Communications settled a £3.06 million private placement of stock, the company said Tuesday.

The London-based communications provider sold approximately 12.5 million ordinary shares at 24.5p per share. Proceeds will be used for working capital and marketing purposes.

"We are extremely pleased to be announcing this fund raising with existing and new institutions which shows a continued confidence in Vyke," said Tommy Jensen, executive chairman of Vyke, in a news release. "The money raised will allow us to accelerate our marketing initiatives with our corporate offering Vyke Enterprise which has been very successful in its initial trials with 21 Fortune 500 companies. In addition, the company expects to maximise the potential of the exciting new distribution channel with Nokia announced recently. Vyke's mobile Voice over Internet Protocol service is now available for download in new WiFi enabled mobile devices in an increased number of global markets and variants."

Vyke's shares (London: VYKE) closed at 27p.

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