Icagen prepares to settle $21.87 million stock sale; StockerYale pockets $2.3 million from PIPE

By Sheri Kasprzak

New York, Jan. 29 - Icagen, Inc. saw its stock improve on Monday after the drug company announced plans to close a $21.868 million private placement of its stock.

The company, one buysider said, is on "thin ice" after Icagen revealed troubles with one of its drugs currently in development.

"Everyone is waiting to see what's going to happen [with the drug]," he said. "This [private placement] seems to be a vote of confidence for them, so maybe they'll be all right."

In fact, on Monday the company's stock advanced 5.23%, or 7.23 cents, to close at $1.43 (Nasdaq: ICGN). The stock made some early gains. By 10 a.m. ET, after news of the offering was released in the morning, the stock had already taken off by 9%, or 12.22 cents.

In the placement, the company intends to sell 15.4 million shares at $1.42 each to Greenway Capital, QVT, Venrock Associates, Alta Partners and an affiliate of Quintiles Transnational Corp.

The investors will come away with warrants for 5.4 million shares, exercisable at $1.45 each.

The offering is set to close Feb. 2.

Proceeds will be used for research and development programs and general corporate purposes.

Based in Research Triangle Park, N.C., Icagen develops small molecule drugs used to treat sickle cell disease, atrial fibrillation, epilepsy and Alzheimer's disease.

StockerYale raises $2.3 million

In the tech sector, StockerYale, Inc. wrapped a private placement for $2.3 million, the company announced.

The company issued 2 million shares at $1.15 apiece to Smithfield Fiduciary LLC and warrants for 1 million shares. The warrants are exercisable at $1.72 each for 10 years.

Proceeds will be used for investments in information technology infrastructure, the acceleration of operational improvements and general corporate purposes.

The company's stock dipped 4.9% Monday, or 7 cents, to end at $1.36 (Nasdaq: STKR). The stock gained 5.73 cents in after-hours trading.

Based in Salem, N.H., StockerYale develops lasers, fluorescent lighting products and light-emitting diode modules.

In other tech news, Siena Technologies, Inc. concluded a $1.157 million private placement of units.

The company sold 7,231,250 units at $0.16 each. The unit price is a 50% discount to the company's $0.32 closing stock price on Jan. 23, the closing date.

The units include one share and one warrant. Each warrant is exercisable at $0.50 for three years.

The deal was announced Monday afternoon and Siena's stock ended off a penny, or 3.57%, to close at $0.27 (OTCBB: SIEN).

Las Vegas-based Siena develops communications network systems.

ProLink sells more preferreds

Elsewhere in the tech sector, ProLink Holdings, Inc. returned to the PIPE market to sell another $1 million in series C convertible preferred stock.

This time, the company issued 100 shares at $10,000 each.

The 5% preferreds are convertible into common shares at $1.35 each.

The investor received warrants for 370,000 shares, exercisable at $1.40 each for five years.

Merriman Curhan Ford & Co. was the placement agent.

ProLink's stock slipped 7.98%, or 13 cents, to close at $1.50 (OTCBB: PLKH) Monday.

The company sold $10.42 million in series C convertible preferreds on Jan. 8. The investors in that deal included Ashford Capital, Lewis Asset Management and Straus Capital.

Based in Chandler, Ariz., ProLink develops global positioning systems used on golf courses.

Capital Gold's $3.7 million deal

Moving to the resources sector, gold offerings remained popular to kick off the week as Capital Gold Corp. wrapped up a $3,768,500 offering of 12,561,667 shares.

The shares were sold at $0.30 each, and the nine investors involved in the deal received warrants for 3,140,417 shares exercisable at $0.40 each.

Broadband Capital Management LLC was the placement agent.

Capital Gold's stock slipped half a penny Monday to close at $0.405 (OTCBB: CGLD).

New York-based Capital Gold is a gold exploration company.

Alexis Minerals dips

In secondary market news related to the gold sector, Alexis Minerals Corp.'s stock gave up a penny Monday, a day after the gold exploration company priced a C$20 million deal.

The stock closed Monday at C$0.98 (TSX Venture: AMC).

On Friday, when the offering priced, the stock slipped 10%, or 11 cents, to end at C$0.99.

Volume remained elevated with 3,013,277 shares traded compared with the average 568,694 shares. On Friday, there were 7,312,975 shares traded.

Alexis plans to sell units of one share and one half-share warrant at C$1.00 each.

A syndicate of underwriters led by Sprott Securities Inc. has a greenshoe for up to 5 million additional units.

The deal is set to close Feb. 13.

Proceeds will be used for exploration and development on the company's Lac Herbin deposit and for working capital.

Toronto-based Alexis is a mineral exploration company focused on gold and base metals.

Mediterranean stock dips

Elsewhere in the gold sector, Mediterranean Resources Ltd.'s stock gave up 5.56% on Monday after the company sold C$3,059,250 in units Friday.

The stock fell 2.5 cents to close at C$0.425 (TSX Venture: MNR). The company's stock closed unchanged at C$0.45 Friday when the deal was announced.

In the placement, Mediterranean sold units of one share and one half-share warrant at C$0.30 each.

Loeb Aron & Co. Ltd. was the lead agent for the deal.

Proceeds will be used for mineral exploration on the company's Tac and Corak gold properties in Turkey and for working capital.

Vancouver, B.C.-based Mediterranean is a gold exploration company.

Ember stock advances

In other secondary market news, Ember Resources Inc. shares climbed more than 5% on Monday after the company priced a C$15 million stock sale on Friday.

The company's stock climbed 13 cents to end the day at C$2.61 (Toronto: EBR).

On Friday, the company's stock dipped 2 cents to close at C$2.48.

The offering includes shares at C$2.65 offered to KERN Partners Ltd. The price per share is a 6% premium to the company's C$2.50 closing stock price on Thursday.

Proceeds will be used to acquire the coal bed methane assets in the Acme area of Alberta. The remainder of the proceeds will be used for the company's 2007 capital program.

Calgary, Alta.-based Ember is a coal bed methane exploration company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.