Avanti wraps C$1.4 million; Aldridge settles C$2.4 million; Western Canadian pockets C$30 million

By LLuvia Mares

New York, Dec. 3 - After overcoming a last minute complication forcing Avanti Mining Inc. to execute its private placement as a two-part tranche deal, the company pocketed C$1.4 million Monday, closing its final tranche.

"We are continuing our business development activities and looking at company and project acquisitions in the molybdenum sector," said Craig Nelson, company chief executive officer.

The company raised a total of C$9,000,013.20 in the deal, which priced on Nov. 9 at a size of C$10 million.

Avanti Mining raised C$7,602,013.20 in the first tranche, which settled on Nov. 28.

It sold 12,670,022 units in the first tranche and 2.33 million units in the final piece, for a total of 15,000,022 units at C$0.60 each. The amount was reduced from 16,666,667 units.

Each unit consists of one common share and one half-share warrant, with each warrant exercisable at C$0.90 for two years.

Proceeds will be used for exploration and for acquisition of mineral resource projects.

Based in Vancouver, B.C., Avanti Mining is a newly formed company focused on acquiring, exploring and developing mineral resource projects.

Aldridge settles C$2.4 million

Aldridge Minerals Inc. also took in funds Monday, closing a C$2.4 million non-brokered private placement of units.

The deal priced on Sept. 6 for C$3 million and was amended on Nov. 16.

The company sold 962,040 units, down from its announced sale of 1.2 million units, at C$2.50 apiece. It originally meant to sell 1 million units at C$3.00 apiece but subsequently amended the offering. Each unit consists of one common share and one warrant. The units priced with a half-share warrant instead of a whole one. Each warrant is exercisable at C$3.50 for one year.

Aldridge's stock (TSX Venture: AGM) closed at C$2.41 on Friday and did not seen any significant change on Monday.

Proceeds will be used for exploration and drill programs on the company's mineral properties in Turkey and for general working capital purposes.

Aldridge, a gold and base metals exploration company based in Vancouver, B.C., may pay a finder's fee with this placement.

Western Canadian pockets C$30 million

Western Canadian Coal Corp. said settling the C$30 million private placement of U.S. dollar-denominated senior convertible debentures will help the company relive financing pressures.

"This is an important day for the company," said John W. Hogg, company president in a press release.

"The pieces are coming together to build a long-term sustainable business. We recently signed a long-term coal contract for a three year supply of hard coking coal at the rate of 350,000 tons per year and have signed several memorandums of understandings and letters of intent for the supply of hard coking and PCI coal for three to five year terms with major steel mills in Asia and Europe."

The deal priced for up to C$40 million on Nov. 22.

The company said it is in the process of closing on an additional C$10 million of the notes.

As previously reported, Audley European Opportunities Fund was the investor.

The debentures mature in three years and bear interest at 8.5% per year. Interest is payable semiannually beginning on May 31, 2008.

The notes are convertible into common shares at C$0.75 per share.

Western Canadian's stock (Toronto: WTN) closed at C$61.00 on Monday, up C$1.00 from Friday's C$60.00 close.

Settlement of the placement is expected on Nov. 30.

Proceeds will be used for working capital at the company's Wolverine coal mine, to pay down its bank debt and for general corporate purposes.

Western Canadian is a coal mining company based in Vancouver, B.C.

Bellamont upsizes to C$7.5 million

In the oil and gas sector, Bellamont Exploration Ltd. plans to raise more money, upsizing its private placement of flow-through and non-flow-through shares to C$7.5 million. The deal priced for C$5 million on Nov. 27.

As previously reported, the company plans to sell class A flow-through shares at C$0.90 apiece and class A non flow-through shares at C$0.80 apiece.

No more than C$4 million of the placement will be flow-through shares, lifted from the company's original plan to sell up to C$2.5 million of the flow-through shares.

The company's stock (TSX Venture: BMX.A) closed at C$1.00 on Friday and did not see any activity on Monday.

GMP Securities LP will lead a syndicate of agents that also includes Blackmont Capital Inc., FirstEnergy Capital Corp. and Tristone Capital Inc.

Settlement is expected on Dec. 13.

Most of the proceeds will be used for exploration and development. Some may be used for future acquisitions.

Bellamont is an oil and gas exploration and development company based in Calgary, Alta.

Paragon negotiates C$3.76 million

Paragon Minerals Corp. said the financing will help it reach the type of exploration results the company has searching looking for. The company plans to raise C$3.76 million in a non-brokered private placement of units and stock.

"We had the ability to go with a private placement, save on commissions and it's a lot easier on the paperwork," said Bill Cavalluzzo, company vice president of investor relations. "We will be focusing on one of our projects, so a good deal of the funds will go toward working on that project."

The company will sell 2,785,000 flow-through shares at C$1.00 per share for C$2,785,000 and 1,391,214 units at C$0.70 apiece for C$973,849. Each unit will consist of one common share and one half-share warrant, with each whole warrant exercisable at C$1.05 for two years.

The company's stock (TSX Venture: PGR) closed at C$0.78, up C$0.05 from Friday's C$0.73 close.

Cavalluzzo said after the company settles the deal, it will have about 23 million outstanding shares and if good exploration results are reached, it will be reflected quickly and strongly.

Proceeds will be used for exploration.

Based in Vancouver, B.C., Paragon Minerals is a mineral exploration company.

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