Purple Beverage closes second financing round; eMagin, Madalena close deals; Sprylogics plans placement By Kenneth Lim

Boston, April 4 - Purple Beverage Co. Inc. said its latest round of capital raising signals confidence by its current shareholders as the company seeks to expand its markets.

eMagin Corp. said its $1.65 million placement of stock and warrants will allow it to invest in capital.

Madalena Ventures Inc. raised C$2.45 million through a private stock placement for exploration and working capital, while Sprylogics International Corp. sold C$2 million of stock-and-warrant units for marketing, research and working capital.

Purple sells $2.29 million of stock

Purple Beverage said it sold $2.29 million of stock in a private placement to eight investors.

The deal involved 1.64 million common shares at $1.40 apiece, a steep discount to Purple's latest stock price. Purple stock (OTCBB: PPBV) closed at $2.85 on Friday, lower by 0.35%, or a penny.

Purple said it also raised about $1.2 million from warrant holders who accepted an offer to exercise their warrants at $1.25 per share.

Purple, a Fort Lauderdale, Fla.-based beverage manufacturer, said it will use the proceeds for general corporate purposes, for working capital and to repay a $1 million bridge loan.

"We are pleased to have closed a second round of financing that will allow us to strengthen the distribution of Purple and to continue its roll-out into new markets," Purple president and chief executive office Ted Farnsworth said in a statement. "This additional financing evidences the confidence in our company by our current stockholders and enhances our ongoing efforts to grow the business, as well as our commitment to all of our stockholders who allow us to make Purple a success."

eMagin to spend on capital

eMagin said it raised $1.65 million through a private placement of stock and warrants on Wednesday.

The company sold 1,586,539 common shares at $1.04 per share. Investors also received warrants to purchase 793,273 common shares. The warrants are exercisable at $1.30 until April 2, 2013.

eMagin stock (OTCBB: EMAN) slipped 2%, or $0.02, to close at $0.98 on Friday.

eMagin, a Bellevue, Wash.-based maker of electronic displays, said it will use the proceeds of the deal for working capital.

eMagin interim CEO Thomas Paulson said in a statement that the fundraising showed support from existing and new investors.

"These funds will not only help to support our balance sheet, but will also allow us to undertake capital expenditures on our production line to support our efforts to increase revenues and meet expected demand this year and enhance the introduction of new products that will drive our growth in the years to come," Paulson said.

Madalena gets C$2.45 million

Madalena Ventures said it raised C$2.45 million through a non-brokered private placement of stock.

The company sold 4.38 million shares at C$0.56 per share. Madalena stock (TSX: MVN) finished at C$0.67 on Friday, higher by 4.69%, or C$0.03.

Madalena, a Calgary, Alta.-based oil and gas exploration company, said it will use the proceeds for exploration and working capital.

The company said the issue price was the closing price of the common stock on the day it sought regulatory approval for the deal. Madalena estimates that it had about C$13.2 million in working capital at the end of 2007 and has since used about C$2.1 million for capital expenditures.

Sprylogics to sell units

Sprylogics said it has engaged PowerOne Capital Markets Ltd. to sell up to C$2 million units on a best-efforts basis.

The sale will comprise 13.33 million units of one common share and one half-share warrant at C$0.15 per unit. Each whole warrant will be exercisable at C$0.20 for two years.

Sprylogics common stock (TSX: SPY) ended unchanged on Friday at C$0.185.

Sprylogics, a Toronto-based developer of search, analysis and information display tools and services, said the proceeds will be used for working capital, including marketing and research and development.

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